According to the monthly report published by the Central Bank, 88% of operations were carried out with interoperable QR codes. Why the Banco Provincia wallet continues to gain followers.
The digital wallet DNI account already owns more than 9 million users and wins the largest portion of interoperable QR operations, surpassing MODO and Mercado Pago, which compete almost equally for the percentage of the pie.
According to the monthly report of Central Bank Retail Payments, 88% of operations were carried out with interoperable QR codes, representing more than 35.7 million payments (278.2% year-on-year) for $361 billion (190.2% year-on-year). 68.4% were made by clients who used their demand accounts and 31.6% their payment accounts. Currently, 60 interoperable digital wallets are incorporated into the registry, according to the report.
DNI Account was born in April 2020 already with the leadership of Mercado Pago in most operations. At that time, although the Banco Provincia virtual wallet service already existed with barely 10,000 users and 2,000 participating businesses, it was with the incorporation of the Emergency Family Income (IFE), family allowances and retirement benefits that it gained greater popularity. Then he Banco Provincia progressively incorporated greater benefits with discounts superior to those offered by its direct competition.
In 2020, with the pandemic where digital wallets gained a strong share of the market due to the impossibility of going to ATMs on a recurring basis. In this context, the banks decided in December of that year to launch MODO, a fintech presented as “the banks wallet“balancing the balance in its favor in a battle that seemed won for Mercado Pago with leadership in payment methods.
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The users of this virtual wallet are distributed among the 135 municipalities and the Buenos aires city and about half have between 18 and 35 years. Furthermore, six out of ten people with the app reside in the Buenos Aires Metropolitan Area (AMBA). It should be noted that, according to the census of 2022, the province has 17,569,053 inhabitants and is the most populated in the country.
Currently, the parties with the largest number of users of the app are The slaughter, with 420,743; The Silver, with 419,461; General Pueyrredón, with 398,164; and Merlo, with 214,269; although these localities also include the Capital Federal that has 331,076 neighbors who use the application.
The DNI Account key: the discount strategy
It does not seem wrong to say that the marketing strategy that worked best for DNI account was the price account. The recurring inflation in Argentina and the need to “search for price” with a deep promotion campaign on social networks among other communication channels, was the key for Cuenta DNI to position itself in the market and even expand it by age range.
Together with Torcuato Di Tella University, Banco Provincia was able to measure consumption trends using DNI Account data, creating the Banco Provincia Consumo Index (IBP Consumo), which allows it to improve its discount strategy. He PPI consumption includes information on the movements of 1.2 million credit cards and 2.6 million debit cards; In addition, it analyzes DNI Account transactions.
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Source: Ambito
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