The pandemic, then, exponentially boosted digital payments, and that is why, in this context, virtual wallets became a highly demanded tool by users who seek to concentrate in the same application the different bank accounts, cards and to be able to transfer money in an easier and more agile way.
Added to this is the situation of the economy that led many financial institutions and large, medium and small companies to seek different alternatives to transform their processes and operations. These operations are possible from an important development in the systems that support banking companies, payment houses and platforms that enable all kinds of transactions digitally.
According to a report prepared by the Central Bank of the Argentine Republic (BCRA) based on data from Banks, “Total transfers in pesos increased 96.5% in amounts and 50% in real amounts, with increases in both immediate transfers and those with 24-hour accreditation”. In this sense, this shows the great support that there is on the part of consumers in accepting this type of payment method, thus becoming a “New normal” in terms of a decrease in the use of “physical” money and a growth in all electronic payment channels.
The transformation continues, therefore, it is time to continue reinventing ourselves, to review processes and surely continue creating solutions that had not been thought before. You have to rethink and not be left behind.
We go to a world “No cash”, and the pandemic has strengthened this bet, which will continue to grow exponentially in the coming years, and this acceleration will open new opportunities for the entire ecosystem of payment methods.
Virtual payment
A long period of uncertainty is expected, but it is necessary for all sectors related to payments to work to have a more balanced model between the physical and the digital. Increasingly raising awareness and evangelizing new users about electronic means of payment, taking into account the generational and socio-cultural barriers that may arise.
This crisis tests our ability to adapt, our resilience and our ability to work together as a team, and leaves us a great advance in the development of tools to improve the effectiveness of payments.
Director of Estudio Palmero de Belizán & Asociados (EPB & A).
