The BCRA has published the first report on the status, prospects and development of retail means of payment in Argentina, which includes debit and credit transactions between sight accounts, except for financial institutions’ own transactions between one another. This report will be released every six months.
The current issue deals with transactions made through different payment instruments or channels, such as transfers, cards, direct debits, instant debits, checks, e-wallets or withdrawals from ATMs.
It focuses on the number of transactions made through electronic means of payment and on innovative developments during the period.
As regards electronic means of payment, instant transfers increased by 49%, reaching nearly 145 million transactions in the first half of 2019.
Highlights
The National Payments System goes on expanding significantly
More than 1.8 billion retail transactions were made in the first half of 2019, which amounts to a 12% y.o.y. growth. The use of electronic means of payment has increased by 16%, debit cards and instant electronic transfers being at the top. More companies and families have chosen electronic means of payment for transactions involving low amounts.
Instant electronic transfers growth continues to accelerate
The first half of 2019 exhibits a 49% increase in the number of instant electronic transfers vis-à-vis the same term of the previous year, with nearly 145 million transactions, out of which 15% are payments and purchases in stores.
Instant debit gains momentum
Instant debit or DEBIN transactions accounted for more than ARS10 billion in June 2019, thus starting to play a key role as a payment instrument which boosts a more competitive market for time deposits.
The use of e-wallets as a way of initiating payment transactions and making payment transactions within their own structure has increased
During the first half of 2019, 77 million payment transactions were initiated with cards using e-wallets, and nearly 20 million were made among the e-wallets’ own payment accounts. These figures represent a 146% and 279% growth, respectively, compared with the first half of last year.
Latest innovative developments: E-checks and recurring instant debit
During the first half, the BCRA, in consultation with the market, adopted the necessary operative measures for developing the e-check—available to the public since July 1—and redesigning the recurrent instant debit (DEBIN).
