According to the latest Retail Payments Report from the Central Bank of the Argentine Republic (BCRA), the sum of uninvested and invested balances in virtual wallets reached $2.87 trillion in June 2024. This is equivalent to 5.06% of total deposits, much higher than 2% which was observed in the same month last year.
In particular, the FCI posted an extraordinary year-on-year increase of 112% In real terms, reaching $2.5 trillion. The Fintech Chamber explained that currently, for every peso not invested in a wallet, there are $6.76 invested, more than three times as much as in 2023.
“Argentines are turning massively and rapidly to using virtual wallets, since not only as a payment instrumentbut increasingly as an investment instrument as well,” they added.
This Monday, Ualá increased the fixed annual nominal rate (TNA) of its remunerated account from 41% to 45% and went on to lead the performance table of investments in pesos, thus displacing Naranja X. This return applies to funds between $10,000 and $500,000, while for balances that exceed that amount, the company founded by Pierpaolo Barbieri offers an FCI Money Market, among other options that can be found within its app.
How much can you earn with a balance of $500,000?
Today, with a deposit of $500,000 in the Ualá remunerated account, an individual can obtain the following returns:
- $4,315 if you invest for one week
- $18,493 if you invest for one month
- $55,479 if you invest for three months
How much does each virtual wallet yield?
With the increase in the Ualá rate, the yield table was as follows:
- Ualá: 45% (Paid account)
- Orange X: 42% (Paid account)
- Payment Market 36.8% (FCI)
- Prex: 35.9% (FCI)
- Personal Pay: 35.7% (FCI)
- N1u: 34.28% (FCI)
- Lemon Cash: 34.02% (FCI)
- LetsBit: 32.9% (FCI)
Advantages of having money in a virtual wallet
The advantages of having money in a virtual wallet are that:
- They allow you to invest Unfrozen money, earn daily profits and have the funds at any time without redemption period.
- They are usually supported by an FCI money market investment: an instrument that invests daily and displays the interest it generated 24 hours a day, which allows for daily monitoring.
Therefore, they are an interesting option if you want to make a short-term payment or simply let the money continue working throughout the month.
Virtual wallets are close to beating inflation
An APR of 45% is equivalent to a monthly yield of 3.75%. In this way, Ualá’s performance is already located very close to beating an inflation that for August was estimated to be close to 4% againeven with some consulting firms reporting lower figures.
It is worth remembering that today The monetary policy rate, which is the rate at which banks finance the Treasury, is 40%equivalent to 3.3% monthly. Also, The limit for fixed terms offered by banks with the largest number of deposits in the country is 37%although there are some smaller entities that give higher returns, up to 40%.
Source: Ambito
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