Monthly Report on Retail Payments, June 2024
The month under analysis is June 2024, except for the following: push instant transfers, payments by transfer through the same payment service provider that offers payment accounts (proveedor de servicios de pago que ofrece cuentas de pago, PSPCP), withdrawals, credit cards, debit cards and travel cards (information as of May 2024); and prepaid cards (information as of March 2024).
Instant push transfers increased 107.9% y.o.y. in volume.
- In pesos:
- Administered by networks (off-us): there were 531.8 million instant push transfers for an amount of ARS38.1 trillion, climbing 107.9% y.o.y. in volume, and 29.7% y.o.y. in value. Fifty-seven point five percent of transfers were made from or to a virtual account through a single virtual code known as CVU.
- Intra PSPCP (on-us): transfers made between accounts belonging to the same PSPCP reached ARS3.1 trillion (62.7% y.o.y.), involving 255.8 million transactions (116.8% y.o.y.).
- In foreign currency:: there were 1.2 million transactions (210.5% y.o.y.) for an amount of USD1,579 million (40.9% y.o.y.). Push transfers account for 96% of total transfers in foreign currency.
Instant pull transfers reached 2.3 million transactions.
- There were 2.3 million transfers for an amount of ARS148.7 billion, rising 1.2% in volume and 7.2% in value against April.
Payments by transfer (pagos con transferencia, PCTs): transactions with interoperable QR codes totaled 45 million.
- Interoperable: there were 53 million (68.3% y.o.y.) interoperable PCTs for a total of ARS612.3 billion (-17.1% y.o.y.).
- QR code payments: 85.5% of interoperable PCTs were initiated through interoperable QR codes, accounting for over 45 million payments (322.9% y.o.y.) for an amount of ARS540.2 billion (262.9% y.o.y.). Payments from sight accounts represented 68.1%, and payments from payment accounts, 31.9%. Moreover, 46.7% of stores credited the funds to sight accounts, and 53.3%, to payment accounts.
Sixty-one interoperable e-wallets are currently registered in the BCRA registry. - Token payments: 14.5% of interoperable PCTs were made through a token, accounting for 7.7 million payments (79% y.o.y.) for an amount of ARS72.1 billion (-8.1% y.o.y.).
- Intra PSPCP: they reached 395.6 million for an amount of ARS4.5 trillion, rising 114.2% y.o.y. in volume, and 61.9% y.o.y. in value.
- QR code payments: they accounted for 14.5%, reaching 57.3 million transactions (82.2% y.o.y.) for an amount of ARS648.2 billion (55.8% y.o.y.).
- Payment button: they accounted for the remaining 85.5%, reaching 338.3 million transactions (120.7% y.o.y.) for an amount of ARS3.9 trillion (63% y.o.y.).
Payment accounts and funds invested through PSPCPs:
In May, 16.2 million payment accounts with balances totaling ARS324.2 billion were recorded, whereas the balances of money market funds reached ARS2.1 trillion. Payment accounts and money market funds jointly accounted for 4.69% of total private sector deposits, which amounted to ARS52.6 trillion in that month. One hundred and fifty-six PSPCPs are currently registered in the registry.
Instant debit (DEBIN):
There were 38.3 million DEBINs (36.1% y.o.y.) for an amount of ARS1.8 trillion (12% y.o.y.). In terms of volume, 0.4% of transactions were one-time DEBINs and 99.6%, recurring DEBINs.
Direct debits:
There were 12 million debits (3.1% y.o.y.) for an amount of ARS900 billion (-18.6% y.o.y.), reaching a 58% success rate.
Checks: e-checks accounted for 74.1% of cleared amounts.
- A total of 4.4 million checks (in paper and electronic form) were cleared for ARS10.1 trillion. The share of e-checks in total cleared checks was 47.3% (2.1 million) in terms of volume and 74.1% (ARS7.5 trillion) in terms of value.
- Checks returned for insufficient funds: the rate of returned checks for insufficient funds over total cleared checks was 0.49% in terms of volume, and 0.32% in terms of value.
Cards: debit card use remained above credit card use.
- Debit cards: there were 249.2 million debit card transactions for an amount of ARS3.9 trillion, exhibiting a change of 33.4% y.o.y. in volume, and of 9.3% y.o.y. in value.
- Credit cards: the number of credit card transactions reached 160.8 million for an amount of ARS5.7 trillion, changing 24.6% y.o.y. in volume, and 5.9% y.o.y. in value.
Transportation prepaid cards:
There were 388.3 million trips (-6.7% y.o.y.) paid with SUBE cards for a total of ARS86.8 billion (54.7% y.o.y.).
Electronic credit invoices for MSMEs (factura de crédito electrónica MiPyME, FCEM):
In June, 87.4% of transactions were made in pesos, with 111.9 thousand electronic invoices processed in the system for the open transfer of e-invoices (sistema de circulación abierta, SCA) for an amount of ARS1 trillion.
Withdrawals:
Ninety percent of withdrawals are made from ATMs.
- Withdrawals from ATMs: there were 95.1 million withdrawals from 17,338 ATMs for an amount of ARS2.3 trillion. The average number of monthly withdrawals per ATM was 5,486 with an average withdrawal amount of ARS24.7 thousand.
- Non-bank withdrawals through debit cards: 6.9 million transactions for an amount of ARS202.6 billion, with an average withdrawal amount of ARS29.5 thousand.
- Non-bank withdrawals from accounts belonging to the same PSPCP (closed loop): 3.5 million transactions for an amount of ARS116.6 billion, with an average withdrawal amount of ARS33.6 thousand.
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July 26, 2024
