Source: Télam
Digital accounts are the payment method most chosen by Argentines to fight inflation, in a context where this type of tool favors financial inclusion, as one in five people who use virtual wallets do not have a bank account. Based on the results of a survey conducted by the consulting firm Isonomía together with Mercado Pago.
Investments that generate returns are the main factor why 27% of users choose digital accounts as the best payment method to counter inflation, ahead of cash (16%), using credit cards (11%), home banking (9%), debit cards (7%), virtual or cryptocurrency (6%), transfer (6%) and checks (physical or electronic) (2%).
One of the main findings of the survey is that “digital accounts support financial inclusion” and that “the younger and less formally educated users are, the lower their banking status.”
In this sense, it specifies that 73% of users – led by older people over 50 years old – have a bank account (savings account and/or debit/credit card in a bank) and that 69% – mostly young people aged 18 to 29 years old , followed by people between 30 and 49 years old – they have a digital account in a virtual wallet.
In this way, it can be summarized that “one in five people with a digital account do not have a bank account”.
Although half of Argentines use digital wallets on a daily basis, it is strange because it is safer than cash, the latter remains the preferred means of payment (with a loss of importance), partly because it is used by people from low-income sectors. most with greater participation in the informal economy.
Based on the current economic context, the study also shows that “the vast majority of Argentines are familiar with the payment methods offered in each of the businesses they visit.”
In this sense, 75% of Argentines consider payment methods offered by businesses or digital stores, while 60% stopped buying a product or service because they could only pay in cash.
“Virtual wallet users prefer investments that generate daily returns,” said Uriel Mendelberg, senior analyst at Isonomía’s Analytics & Research Management, during a press conference attended by Agustín Onagoity, Mercado Pago’s senior director for Argentina, among others. company members.
In this regard, they warned that for “security” reasons, 64% of respondents chose to have money in a virtual wallet or digital account, while 24% prefer to transfer in cash.
Despite their preference for digital media, users are forced to use cash in certain situations, such as paying at a neighborhood kiosk (22%), paying for utilities (20%), paying for taxis and public transport (both 10%). .
Salary collection (11%) is another factor why the user would prefer to use digital media, and in this context, the study states that “only one in 10 Argentines collects their income” through a digital wallet.
Currently, a bank account (37%) leads the way for collecting wages, followed by “I have no wages, profits or rents” (24%) and cash (18%).
Among the reasons for collecting revenue through a virtual wallet, respondents highlighted convenience and speed, security and interest generation.
When it comes to the preferred method of saving, “argentinians unanimously prefer to buy dollars, although they have tried new alternatives in recent years,” the report points out.
“Unable to save in dollars due to lack of surplus, they are looking for new alternatives and low-risk investments (FCI) through virtual wallets are positioned as a key tool to counter inflation,” it said.
In fact, Isonomía highlighted that the majority of Argentines are willing to invest through Mercado Pago, with 56% responding positively and 20% negatively.
In any case, it points out that “there are still barriers to accessing digital wallets”, with access to an internet signal being the “main complaint” (24%).
Followed by “Financial education / mistrust (14%), “Not all businesses have it (7%), “Transfer delays” (3%), “Application failures” (6%).
However, one in four people would prefer to collect them this way, the study says.
Finally, an analysis of “argentinians’ connection with money” concluded that 36% are “fighters who work hard to generate money”, another 36% are “savers and planners who have a habit of saving and “do not waste money ” and 23% are “consumptive and detached, with a tendency to acquire, spend or consume goods without moderation or out of necessity”.
The survey was conducted from September to November this year and covered the universe of men and women aged 18 to 80 living in the state with a total of 1,306 actual cases.