Argentina Digital Wallet market was valued at US$871.379 million in 2019. The country has been witnessing a rapid rise in the number of smartphone users along with the growing penetration of internet in the country. As such, digital wallets are gaining popularity among Argentines which is driving the digital wallet market growth in the country. The recent regulatory changes regarding QR codes in Argentina will further boost the market growth of digital wallets in the country during the next five years. The government in Argentina is trying to drive innovation in mobile payments in the country by setting out a local standard for QR payments. The growing e-commerce industry in the country is also a significant driver of the Argentine digital wallet market. According to the Cámara Argentina de Comercio Electronico (CACE), the e-commerce sales volume for Argentina surged by 56 percent in the first half of 2019 as compared to the same period in 2019 with total sales amounted to more than US$2.5 billion.
An increasing number of digital wallet platforms being launched in Argentina will also propel the country’s digital wallet market growth during the forecast period. Recently in May 2020, Ohana, an Argentina-based Fintech firm, has launched its digital wallet which will allow users to pay for daily goods and services as well as taxes. The company’s digital wallet can also be used to send money to friends and family members with an option of performing transactions using QR codes with no extra cost.
Argentina Digital wallet market has been segmented based on the device and application. By device, the market has been segmented as PCs/laptops and smartphones. By application, Argentina digital wallet market has been classified into money transfer, recharge, movie booking, food ordering, and others.