More than half of Argentines pay taxes and services online

Some changes that began in 2020 with the pandemic appear to be irreversible. The adoption of digital payment methods has deepened over the past couple of years and has changed the way Argentines manage their money.

According to a report by PagoMisCuentas, Prisma’s bank payments vertical, 51% of Argentines pay their services and taxes online, out of a total of 170 million monthly payments.

Driven by the pandemic, two new groups of “payers” have joined this market: those under 20 and over 60%. The former had more explosive growth reaching 83% while the latter group increased its stake by 30%.

“The digital transformation of the past two years has made it easier for people to digitize payment for services and taxes. Today, digital and automatic debit payments already account for 51% of total payments. For our part, at PagoMisCuentas we have seen sustained growth in all age groups, among which the growth of payments by young and old stands out “, said Mariano Reisin, Chief Commercial Officer of Prisma Medios de Pago.

Of its 7 million users, an average of 5.5 bills are paid per month. And the amount of payments grows as they get older. Children under 20 make 2.46 payments per user, between 20 and 39 make 3.38 payments, between 40 and 59 years 4.95 payments and those over the age of 60 make an average of 7.71 digital payments.

The PagoMisCuentas report zooms in on which taxes and services are paid the most. Credit cards appear at the head of a podium shared with telephone and electric services as the elements where people make payments more “on time”, that is, at a certain point in a given month.

Meanwhile, some services are chosen by people to have automatic debits and make recurring and periodic payments with which users make sure they are up to date with their services and fees. In this group, the main items are car insurance, tolls, telephone services and the Internet.

In the case of companies, the most significant one-off payments are those relating to national, provincial and municipal taxes. And the items related to the logistics and operation of its businesses are paid for by automatic debit, such as highway payments and tolls, insurance and general services.