Although the digital transformation process carried out by the financial system contributed to consolidating this trend, the role played by the BCRA, through various measures taken by the Board of Directors, was key to streamlining Mobile Banking operations and thus motorizing its growth. Thus, the report detailed the role of Transfers 3.0, new technical requirements for Payment Service Providers (PSP) and entities that offer digital wallets, which contributed to the promotion of mobile payments.
Transfers with the cell phone: why the payment method grew
Also in February, it created the Registry of Interoperable Digital Wallets, so that financial entities and PSPs that provide the digital wallet service can register and obtain certification to provide the service.
The prominence of Mobile Banking in the number of operations, however, is not yet reflected in the amount operated by transfers, since currently 79% of the amount corresponds to High Value Transfers (TAV) made between companies. Through these types of operations, 10.5 million transfers were made for more than 16 trillion pesos in October, which in number of operations represents barely 6% of the total.
In any case, and although in terms of amount immediate transfers represent 18% of the total (this includes Mobile Banking, Home Banking and ATMs), little by little we can see how they are gaining ground. In one year, for example, there was a 122% increase in the amounts, going from 1.69 million pesos to the 3.76 million pesos that moved in October 2021.
Parallel to this greater adoption of cell phones to make immediate transfers, the data shows that for almost a year, the use of debit cards has virtually stagnated.
According to the latest data from the central bank, in September of this year, 166.45 million transactions were made with debit cards, 0.78% less than the 167.75 million in August and 9.35% below the 183.6 million registered in July. The graph that is part of the Monthly Report on Retail Payments for October is more than eloquent: since December of last year until now, this number has remained in a range of between 160 and 180 million monthly operations.
Source: Ambito
I am a 24-year-old writer and journalist who has been working in the news industry for the past two years. I write primarily about market news, so if you’re looking for insights into what’s going on in the stock market or economic indicators, you’ve come to the right place. I also dabble in writing articles on lifestyle trends and pop culture news.
