With pockets getting tighter due to inflation, virtual wallets are increasingly part of the market “rebusque” of Argentines for having maintained their consumption habits, despite the crisis. some too They combine some discounts with interest rates or the investment alternatives of others, as a way to combat the incessant rise in prices.
Soledad, an employee of Vicente López, admits: “I use a wallet, combined with my bank, every Tuesday do the weekly shopping at the supermarket with reimbursement. I use another one to get gas on the weekends and a third to pay for work lunches, because it pays me 40% back.”
The user experience is not limited to payments and promotions. The lowering of rates by the Central Bank meant that fixed conditions lost all attractiveness compared to monthly inflation and forced many Argentines to take your first steps in the world of investments“Since last month I have downloaded several apps to start investing. Until now I was saving in fixed terms or buying MEP dollars when I could. Now none of this suits me.”
Soledad’s testimony is not an isolated case. According to data from Coelsa During 2023, almost the same number of bank accounts were opened in virtual wallets. In total, 27,374,959 new accounts were created last yearthose associated with a CVU (Uniform Virtual Key) represent almost half.
The payments that are growing the most are those made via QR code. According to Coelsa, QR transfer payments increased by 252% in the second half of last year. “90% of the monetary operations managed by COELSA are digital“The speed, accessibility and security of digital payment methods encourage more people to incorporate these modes, surpassing traditional ones,” the company said.
On average, bank accounts remain relevant among Argentines, according to the payments clearinghouse They have 3.4 associated CBUS per person and 1.4 CVU. However, the migration of pesos from bank accounts to digital wallets that offer daily returns on balances is increasing.
According to data published by the Central Bank in its latest report on retail payments, 15.9 million payment accounts were registered in October with a total balance of $200.8 billion, while balances invested in FCI money they reached 588 billion dollars. If both accounts are taken together, they represent about 2.6% of private sector deposits, which totaled $30.6 billion that month.
Wallets drive consumption
A survey carried out by the payment processor Fiserv shows that transactions carried out via QR are growing and to a certain extent lead to a decline in consumption. “The data reveals a significant increase in the adoption of this payment method and supports the increasing trend in the preference of this method, which is gaining ground in daily purchases, linked to hypermarkets, and in clothing and fuel thanks to promotions linked to this voice,” the report reveals.
The fight for promotions
Banks have largely not yet solved the problem of having to return money deposited into customer accounts on a daily basis. But they have launched aggressive promotions to win over their customers’ drinking habits.
Conto DNI, the portfolio of Banco Provincia, has caused a real furore with deep discounts that have also reached General Paz. “In January, more than 8.1 million people who are part of the DNI Account Community can save up to $63,000 each if they use all the cashbacks offered by the app in butchers, farms and fishmongers, greengrocers, fairs and markets, shops of food, neighborhood and supermarkets”, they explained in the Buenos Aires entity.
Tempted by promotions, it is those under 18 who most request this type of solution during the payment phase. “There are already 360 thousand people between the ages of 13 and 17 who are part of the DNI Account Community, more than double compared to January 2023, when it had less than 143 thousand users in this age group,” they added.
Young people choose the app not only for discounts”. Only 50% of purchases in stores and 1 in 3 top-ups were made with a promotion. These numbers reinforce the idea that digital natives use the app not only for save money, but also for the convenience it represents as a means of payment”, they explained.
MODO Banks’ portfolio, which brings together 35 traditional financial institutions, was hit hard with a 100% refund on the first purchase paid for with the app. Plus, get ready for “back to school” with a 20% refund in bookstores.
For its part, Personal Pay has “evolved” its benefits program and promises its users “up to $40,000 per month in savings.” “The new “additional benefit” benefit comes in addition to an upgrade of reimbursements in items such as supermarkets, fuel, fast food and deliveries, and in Personal Flow products and services, which will save up to 40,000 pesos per month,” they explained in the ‘app.
Source: Clarin
