Despite the rising inflation rate that accumulates 83% on an annual basis, in the third quarter of the year there was a tendency among consumers to pay more for their consumption with a debit card than with plastic credit cards. offered by the possibility of financing your purchases.
In the months of July, August and last September, one occurred Year-on-year growth in debit card transactions by 16% while the use of the credit card grew by 8% “according to a report by Prisma Means of Payment, which measured consumption with electronic and digital means of payment, during that period.
“When analyzing the total volume of debit card consumption, the share of purchases grows at the expense of cash withdrawals by ATMs and companies, indicating that this tool is the best tool in the banking process,” says the official. . issuing company of plastics.
“In the comparison of the volume operated by credit card, the share of purchases in a payment is growing, both in terms of year on year and compared to the previous quarter “commented Julián Ballarino, Head of Institutional Relations of Prisma Medios de Pago.
Ballarino also commented that «with regard to card consumption in the various areas, they stood out Restaurants, Auto and Motorcycle Parts over 50% year-over-year growth in transactions followed by voice Travel, Tourism and Airlines with 43% “.
Finally, he comments that “compared to the previous quarter, the items with the greatest growth in transactions were Auto and Motorcycle Parts with a 23% year-over-year increase followed by Restaurants and Supermarkets with 21% “.
In trying to explain why the statistics show greater use of debt plastics than credit plastics that allow you to buy in installments and avoid inflation, economist Damian DiPace, of the consultancy firm Focus Market explains: “The data match to the third quarter of this year and are compared year on year, with which we must not forget that Argentina passed in June and July a strong macroeconomic crisis. Those were the days before the resignation of the former Minister of Economy, Martín Guzmánwhen inflation rose to a record 7.4%, he recalled.
“So, in that context, people used to charge a lot. I even bought pay TVs, for fear of devaluation of the peso against the dollar. In other words, there was a negative expectation of what could happen in macroeconomic terms and it used more debt, “the analyst said.
“On the other hand, it was also played in “substitute” effect, because before consumers could finance themselves with a credit card and now they have to pay the debt with the card they have financed. This is why the use of debit cards as a means of payment is growing.