As of the health crisis, which led to the enactment of Mandatory Preventive Social Isolation (ASPO) and the suspension of face-to-face care in the banking system, and the influence of the development of mobile applications by all financial institutions, saw faster growth, reaching a maximum equivalent of 30% to 34% of GDP in the second half of 2020.
This was a “clear reflection of the rapid adherence by customers when observing its practicality and security, and being able to take advantage of innumerable discounts and reimbursement promotions in purchase operations,” the analysis highlighted.
For his part, Red Link’s commercial manager, Jorge Colombatti, explained that “This acceleration responds to the learning process in the use of electronic money, apps and electronic wallets, both by the user and by the banks that have improved and optimized their service offering “.
He specified that during the pandemic “transfers, payments and immediate debits stood out,” adding that “in this context, electronic money operations expanded 5.6% in the month.”
From the easing of the quarantine by Covid-19 since the beginning of 2021, a slowdown in the movement of electronic money in terms of GDP was observed, but staying in the area of 29% of the Product of each month, this is about 10 points percentage above the historical average. This occurred as a consequence of the use of electronic wallets and e-commerce, a phenomenon that also promoted non-monetary transactions through this channel, such as checking balances and promotions, requesting loans and new banking products.
Last October, for the eighth consecutive month, growth in the number of electronic money users continued, adding almost 721,000 customers, and raising the total to 44.4 million, with an increase of 1.7% in the month and of 16.2% year-on-year.
40% of that total was added since the outbreak of the Covid-19 pandemic. Applications for electronic devices (APPs) grew 10% in October compared to the previous month and accumulated in the first 10 months an increase of 8% compared to the transaction in the same period of the previous year.
In this context of constant growth, the use of the various digital banking platforms grew 5.6% in its entirety after two months of decline due to seasonality; when in the same period 2020, this variable had grown by 2%.
Once again, the expansion of the use of the electronic wallet stood out, with 18.9% in the month; 414% compared to a year before and 471% in the comparison of total transactions in the first ten months of 2021 with those of the same segment of the previous year, from reaching a record of 5.4 million users, with a average in October of 37 average operations per client.
Source From: Ambito
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