Argentina Payments Market Size (2024 - 2029)

Argentina Payments Market Analysis

The Argentina Payments Market is expected to register a CAGR of 25.08% during the forecast period.

ECommerce's growth drove the evolution of the market. To allow businesses to offer a broader range of digital payment options, they are also considering introducing their point-of-sale systems. For example, retail giants like Shopify and Amazon are developing point-of-sale systems that can deal with transactions on the Internet and in brick-and-mortar stores. With these developments, banks are being supported to upgrade their digital payment systems to remain competitive. Global governments are raising contactless payment card limits, creating a new industry opportunity.

• The adoption rate of credit cards is low in Argentina, like many developing countries, and many poor people need access to financial services. The most common payment possibilities for Internet transactions in Argentina are prepaid cards, Direct Debits from the carrier, or Mobile Payments with SMS. Prepaid cash cards have become more and more popular as a result of national concerns about digital security.
• In Argentina, online cash payments are necessary through PagoFacil and RapiPago. Customers place orders online in certain shops and pay in person with cash. Visa and MasterCard complement these alternative cash options issued by debit and credit cards.
• Furthermore, the Communique developed a new standardized payment interface, which is intended to expand the reach of quick payments and transfers. It shall allow payment matching to take place within the framework of the Argentina Payment System via an integrated and commutative digital environment. It includes an integrated, automatic, and irreversible real-time accreditation payment system that must be available 24 hours a day, seven days a week, all year, and capable of efficiently and safely replacing cash.
• In addition, a new standardized payment interface was recently introduced by Communication to expand the reach of fast payments and transfers. It will allow the matching of payments to be carried out with an Open and Interoperability Digital Environment within the framework of the Argentine Payment System. The system is made up of an integrated, automatic, and irreversible real-time payment accreditation system that must be available 24 hours a day, seven days a week, for the whole year to make it possible to efficiently and safely replace cash.
• Several laws and regulations, particularly concerning activities that could lead to the transfer of foreign funds out of Argentina, were enforced by control organizations in Argentina. In particular, the new rules affect imports of goods and services. Importers of Argentina continue to need help with the adoption of an individual quota regime, as negotiations with banks could be difficult if they wish to send money abroad. Furthermore, the payment of services is becoming more difficult because of official requirements and rules created by banks. This has led to a restriction in the country's payments market.

Argentina Payments Industry Segmentation

Payment shall be a voluntary transfer of funds, equivalent, or other valuable items from one person to another in exchange for goods and services received or satisfying an obligation under the law.

The market for the study defines the revenue accrued from the various payment transactions carried out across several end-users, including retail, entertainment, healthcare, hospitality, etc.

The Argentina Payments Market is segmented by mode of payment (point of sale (card payments, digital wallet, cash), online sale (card payments, digital wallet)) and by end-user industries (retail, entertainment, healthcare, hospitality).

E-commerce payments include online purchases of goods and services, such as purchases on e-commerce websites and online travel and accommodation bookings.

The market scope excludes online purchases of motor vehicles, real estate, utility bill payments (such as water, heating, and electricity), mortgage payments, loans, credit card bills, or purchases of shares and bonds. As for Point-of-Sale, all transactions that occur at the physical point of sale are included in the scope of the market. It includes traditional in-store transactions and all face-to-face transactions regardless of the location of the transaction. Cash is also considered for both cases (cash-on-delivery for e-commerce sales).

The market sizes and forecasts are provided in terms of value (USD) for all the above segments.