Monthly report that analyzes the state and evolution of retail means of payment.

The month of analysis is November 2025, except for withdrawals, credit cards, debit cards and transportation cards, for which the information corresponds to October 2025 (latest available data); prepaid cards correspond to September 2025.

In November, money transfers in pesos (immediate “push” transfers) reported a growth in amounts of 20.3% y.o.y..

– In pesos: 666.3 million transactions for Ps. 70.1 billion were recorded, implying year-on-year increases of 20.3 % and 18.2 % in real amounts and amounts, respectively. Seventy-three percent of the transactions had a CVU as origin and/or destination.
– In foreign currency: 1.8 million transactions were recorded (2.7% y.y.) for USD 2,638.8 million (-14.2% y.y. in the currency of origin).

Money inflows in pesos (immediate “pull” transfers) reached 39.2 million transactions in November.
– There were 39.2 million transfers for $ 3.5 billion, representing a decrease of -3.4% in amounts and an increase of 10.2% in real amounts in year-on-year terms.

Payments with transfer (PCT) interoperable through QR totaled 75.8 million transactions in pesos.
– 76.9 million PCT transactions (29.1% y.o.y.) were made in pesos, for a total of $ 1.6 trillion (37% y.o.y. in real terms). o QR: 98.4% of PCTs were initiated with QR codes, representing 75.8 million transactions (35.9% y.o.y. in real terms).y.o.y. in real terms).
or QR: 98.4 % of PCTs were initiated with QR codes, representing 75.8 million payments (35.9 % y.o.y.) for $ 1.6 trillion (45.8 % y.o.y. in real terms). A total of 52.6% was made by customers who used their demand deposit accounts (CBU) and 47.4% in their payment accounts (CVU). Meanwhile, 57.8 % of transactions in merchants were credited to payment accounts, while the remaining 42.2 % were channeled to demand accounts.
There are currently 84 interoperable e-wallets and 61 PCT acquirers registered with the BCRA.
o With random keys: 1.6 % used a token to initiate PCTs; 1.2 million transactions (-68.7 % y.o.y.) for $ 38.5 billion (-59.9 % y.o.y. in real terms).

Payment accounts and funds invested through PSPCPs
In October, out of a total of 61.7 million payment accounts, 14.6 million had balances totaling $ 0.6 trillion pesos. In turn, balances invested in money FCI reached $ 5.6 trillion in the same month. Considered together, both concepts represented 6.3% of total private sector peso deposits. A total of 205 PSPCPs are currently included in the Register of Payment Service Providers.

Direct Debit
In November, 11.3 million direct debits were made (-6.8 % y.o.y.) for a total of $ 1.7 trillion (-1.9 % y.o.y. in real terms). The effectiveness rate reached 45.1%.

Checks. 82.5% of the amounts cleared in November corresponded to ECHEQ
– 4.7 million checks (physical and electronic) were cleared for a total of $ 18.6 billion. ECHEQ’s share of the total cleared amounts reached 60.1% in terms of quantities (2.8 million electronic checks) and 82.5% in terms of amounts ($ 15.3 billion).
– Rejections on the grounds of “insufficient funds”: the ratio with respect to the total number of compensated transactions reached 2.2% in terms of amounts and 1.7% in terms of amounts.

Cards. The use of credit cards surpassed debit cards.

– Debit: 177 million transactions for Ps. 4.7 billion were made in October (latest available data), with variations of -13.3% y.o.y. in amounts and -13.3% y.o.y. in real amounts.
Also in October, 10.3 thousand transactions for USD 6.4 million were made in foreign currency, 99% of which were made through the e-commerce channel. As a result, in the accumulated February (start of operations) to October 2025, 44,810 transactions were made in dollars, totaling USD 31.4 million.

– Credit: there were year-on-year increases of 7.4% in amounts and 1.8% in real amounts, with 188.9 million payments for $ 10 billion. The most used channels were POS and QR, which represented 39.2% of the total amount, e-commerce with 37% and automatic debit with 14.2%. Interoperable QR accounted for 4.7% of the total number of credit cards. On the other hand, the one-payment modality represented 90.7% in terms of amounts and 73.8% in terms of total credit card transactions.

Transportation
– Prepaid transportation cards: 385.5 million trips were made (-3.7% y.o.y.) using the SUBE card in October, totaling $ 0.17 billion (growth of 2.3% y.o.y. in real terms).
– QR travel: 19.1 million trips were made in November, totaling $19.1 billion.

MSME electronic invoicing (FCEM)
In the month under analysis, 85.7% of transactions were made in pesos, with 73.6 thousand invoices for $ 1.4 billion entering the open circulation system (SCA).

Withdrawals
89% of withdrawals were made from ATMs.
– ATMs: in October (latest available data) 49.8 million withdrawals were made from the 17,507 available ATMs for a total of $ 4.1 trillion, being approximately 2,846 the average number of withdrawals at each ATM in the month. The average withdrawal amount reached $ 81.6 thousand.
– Debit card withdrawals: 3.7 million withdrawals for $ 0.2 billion, with an average amount of $ 60.4 thousand.
– Withdrawals from intra PSPCP (“closed loop”) payment accounts: 2.2 million withdrawals for $ 0.1 billion, with an average amount of $ 55.7 thousand.

November regulatory summary

Communication A 8353. Date: 12/11/25

The regulation establishes new measures for the management and unification of collateral in the low-value electronic clearing house (COELSA), especially with respect to ATM operations and immediate transfers. On the other hand, during the hours when the MEP is operational and during the clearing cycle of checks, direct debits and batch (deferred) transfers, COELSA will be allowed to substitute collateral reinforcement orders with excess coverage existing in DEBIN. The main objective is to improve the operational and economic efficiency of financial institutions, simplifying collateral management and allowing a more efficient use of resources.