Fintech, payments and digital credits to revolutionize the financial system

Technological transformation accelerated during the pandemic, and companies are constantly looking for new ways to interact with consumers, who spend more time on their smartphones. It’s a change of habit that has accelerated the growth of e-commerce and, according to experts, a trend irreversible.

He will deal with this phenomenon “The electronic money revolution”, a dialogue organized by Clarin which will take place today and which will address how companies working at the forefront of technology think about market trends and solutions for their customers.

on the dashboard “The challenges of Fintech companies” Ignacio Carballo, leading consultant of AMI’s “Crypto & Alternative Finance” Area will participate; Fernando Dionisi, Fiserv Director of Global Business Solutions; Martin Heine, Telecom Argentina’s Director of Digital Growth, and Banco Macro’s Director of Commercial Banks, Brian Anthony.

The meeting will discuss how payment systems are increasingly sophisticated and how the e-money revolution is a phenomenon destined to remain shared QR codes, virtual wallets, apps that bring together a variety of services and offers and transfers directly between people.

According to a recent Accenture study in 2021 there was a 169% increase. in e-commerce purchases between new and infrequent users. Additionally, 85% of consumer interactions with customer service are already done with artificial intelligence.

The Argentine Electronic Chamber of Commerce (CACE) also reported that the local market doubled its turnover in the first year of the pandemic, with a significant increase in the use of mobile devices, and mainly smartphones, which represented nearly 70% of all visits to the retail website.

The sixth edition of the cycle “The world to come” is titled “The challenges of Fintech companies”, and is one of the 12 talks held between business executives, officials, social leaders, experts and entrepreneurs, led by journalists from Clarione. These are dialogues that try to analyze the key phenomena for the future and how companies face the changing reality of every day.

The panel “The challenges of Fintech companies” will be broadcast. streaming tomorrow at 19:00 on the Clarín.com page. The contents will be shared simultaneously on social networks and subsequently on the website and on the paper edition of the newspaper.

The cycle has main support from OSDE, Telecom and DESA, as well as sponsorship from Afarte, and support from Naranja X, Fiserv and Payway.

According to a survey by Minsait Payments in 2021, 50% of the population made at least one purchase per month on the Internet and 25% bought online every day. A Fiserv study also shows that strong growth in debit and credit cards and digital media such as virtual wallets and QR codes has been identified over the course of 2021. It’s a trend that marks an abandonment of the use of cash: 7 out of 10 people have changed the way they buy and pay in the last 12 months.

Banks are also seeing this trend. Argentina is the Latin American country with the largest population of multi-cards, especially credit cards. Among the users, 57% choose to buy with large amounts.

In turn, our country has seen a sharp increase in the use of aggregators and virtual wallets in the banking population. According to data produced by Minsait Payments in 2021 more than half of Argentines have increased their use of this means of payment. The greatest increase is recorded in the use of mobile phones, through the static QR, which went from 34% to 54% last year.

Another trending growth is that of Fintech companies. Since the start of the pandemic, the sector has grown by 20%. In 2018, 133 companies were counted, two years later the figure rose to 268, and in the latest Forbes survey the total already registers 330 signatures providing digital financial services. This growth of Fintech companies also shows an expansion of the reach.

The highest percentage of companies are involved in digital payments (27%) and credit (21%).