Study Shows QR and Digital Payments Continue Gaining Ground in Argentina – Fintech Bitcoin News
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A study conducted by Mercado Pago, the digital payments arm of Mercado Libre, Argentina’s leading e-commerce company, has shown that QR and digital payments are continuing to gain ground in the country.
The study found that the use of QR codes for payments increased by 187% in Argentina in 2020, with digital payments accounting for 7 out of every 10 transactions made in the country.
According to the study, the growth of QR and digital payments in Argentina is being driven by a number of factors, including the COVID-19 pandemic, which has accelerated the adoption of digital payments globally.
In addition, the study found that increasing smartphone penetration and the growing popularity of e-commerce are also contributing to the growth of QR and digital payments in the country.
“The COVID-19 pandemic has accelerated the adoption of digital payments, and we see this trend continuing in the coming years as consumers increasingly opt for the convenience and security of digital payments,” said Federico Gómez Schumacher, Senior Vice President of Mercado Pago.
The study also found that consumers in Argentina are increasingly using digital payments for a wide range of transactions, including bill payments, online shopping, and in-store payments.
“This growth in digital payments is not just limited to e-commerce. We are seeing more and more consumers using digital payments in-store, particularly in supermarkets and other retail outlets,” added Schumacher.
The growth of QR and digital payments in Argentina is also having a positive impact on the fintech sector in the country, which is expected to continue to expand in the coming years.
“Increasing adoption of digital payments is creating new opportunities for fintech companies in Argentina, particularly in the areas of payment processing, e-commerce, and mobile banking,” said Schumacher.
Overall, the study shows that QR and digital payments are continuing to gain ground in Argentina, driven by a range of factors including the COVID-19 pandemic, increasing smartphone penetration, and the growing popularity of e-commerce. This trend is expected to continue in the coming years, with digital payments becoming increasingly important for consumers and businesses alike.
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