Half of Argentines use a virtual wallet every day. Anyway, Only 10% receive their income this way: Due to the regulations of the Ministry of Labor from 2020, salaries can only be paid into a bank account or in cash.
This is one of many deregulations that could change the functioning of the economy based on the DNU signed by Javier Milei and his cabinet on Wednesday.
The Presidential Decree establishes that: “The monetary remuneration due to the worker must be paid, under penalty of nullity, in cash, by bank check to the order of the worker to be cashed personally by him or by someone indicated by him or by crediting an account opened to his name in a banking institution, in an official savings institution or in other categories of institutions that the payment system enforcement authority deems suitables, secure, interoperable and competitive”.
This opens the door for employers to start crediting salaries to digital wallets. In the fintech sector this Thursday the scope of the rule was studied, since there are many players who would be willing to compete in this business with banks.
When asked about the possibility of adding salary collection to the app, Agustín Onagoity, director of Payments market for Argentina, he said before the fine print of the presidential decree was known: “Of course it is something we would like. It is something that users ask us. We believe that the regulation that prohibits it does not have many reasons for existing, because “In the end what happens is something that happens two days late. People receive their salary and on the second day they transfer it to their wallet.”
Virtual wallets and salaries
According to a report by Isonomía, virtual wallets are already installed as a second option for everyday payment methods, behind cash and above debit/credit cards and bank transfers.
In this sense, 27% of respondents believe that digital accounts are the most effective option for mitigating inflation, and 25% said they would like to collect their salary through them.
The conclusions emerge from the study “Los Argentinos y el Dinero”, prepared by the public opinion consultancy firm Isonomía for Mercado Pago, the fintech founded by Marcos Galperín twenty years ago. Therefore, respondents said that those who prefer banknotes use them to do things. small purchases. Also because this is how they receive their income.
On the other hand, a quarter of respondents ranked digital wallets as their preferred means of payment and, within this universe, 32% said they did so due to ease of use and 29% due to speed of payment. ‘make and receive payments.
The report also shows that virtual wallets are the most chosen option (80%) by the new generations (18-29 year olds), while for 1 in 5 people they are the second most used payment method for vital expenses in areas such as that of food and nutrition. Drinks, Shops, Fixed Charges and Services and Taxes.
For their part, digital tools are indicated as the most effective option for mitigating inflation (27% versus 16% for cash) and 1 in 4 users would like to collect their salary via virtual wallets, a possibility not yet contemplated. by current labor legislation.
56% of people consulted by Isonomía said they were willing to invest their money in apps and prioritized low-risk investments.
In this sense, the study showed that purchasing dollars remains the preferred savings option for Argentines. But faced with stocks and the impossibility due to the lack of surpluses, new alternatives are sought. Low-risk investments (FCI) through virtual wallets are positioned as a key tool to tackle inflation.
The report also shows that one in five people with a digital account do not have a bank account. “In a context of economic crisis, the vast majority of Argentines know the payment methods offered in each of the businesses they frequent (75%). They look at how they can pay in each place, what advantages they have and where to find discounts”, he highlighted the work.
Source: Clarin
