Argentina Digital Wallet Market Size, Share, Opportunities, And Trends By Payment Outlook In Argentina (Payment System (Means Of Payment), Bank Account Holders, Electronic Transfers Trend, 3.0 Transfer System (3.0 Transfers (Value), 3.0 Transfers (Volume))), By Device (PC/Laptops, Smartphones), And By Application (Money Transfer, Recharge, Movie Booking, Food Ordering, Others), By Province - Forecasts From 2025 To 2030

Argentina Digital Wallet Market Size:

The Argentine digital wallet market is predicted to grow at a CAGR of 18.58% to increase from US$4.072 billion in 2022 to US$15.916 billion by 2030.

Argentina Digital Wallet Market Highlights:

• QR-based payments reshape mobile payment services, challenging traditional acquirers.
• E-commerce growth drives digital wallet adoption, capturing a significant percentage of payments in 2024.
• Smartphone penetration and retail expansion fuel mobile wallet market growth.
• BCRA enables debit card payments in pesos and dollars from April 2025.
• Regulatory support and internet usage boost digital wallet accessibility and adoption

Argentina Digital Wallet Market Introduction:

The rising consumption of online services and the growing penetration of the internet, driven by the growing number of smartphone users, are facilitating the expansion of the digital wallet market in Argentina. In addition, the lockdown imposed during the pandemic substantially increased online payments and transactions, due to which the Argentine digital wallet experienced a surge in its demand. Consequently, many companies are innovating their digital wallet technology and products to capture larger market shares, which will lead to the development of digital wallet consumption across different provinces of Argentina.

The favorable initiatives taken by Argentina's government to promote online payment services will further provide an opportunity for the growth of Argentina's digital wallet market. For instance, the Argentine Government has set domestic standards for QR transactions to enhance online payments through smartphones in the country. Further, the Central Bank of Argentina laid down several regulations to monitor digital wallets by asking them to connect payment processes with bank accounts in 2022. This initiative by the Argentine government will assist in standardizing the digital wallet functioning in Argentina by encouraging customers to easily use virtual wallets.

Further, in April 2024, Banco Central De LA República Argentina, through Communication A 8302, has established that all registered e-wallets provided by both banks and payment service providers that allow payments on credit and/or prepaid cards using QR codes must be interoperable. This represents an important improvement in the payment experience for stores and consumers. It is a key step towards full interoperability in means of payment.

According to the Argentine Central Bank, BCRA, October 2023 Financial Inclusion Report, the number of people holding both bank accounts and payment accounts climbed from 18.3 million in December 2022 to 20.1 million in June 2023, that is, more than 55% of the adult population, highlighting financial inclusion in the country, which is offering major boost to the market

According to Finserv, a company involved in payment transaction provision services, approximately 34% of people in Argentina opt to use digital wallets and QRs for payment transactions. Therefore, the rise in digital wallet consumption and the simultaneous implementation of regulations by the government will aid to facilitate the smooth functioning of digital wallet applications.

In addition, Argentina is moving towards a modern, real-time digital payment infrastructure. The introduction of Transferencias 3.0 is a major government and Central Bank initiative to create an open, interoperable, and instant payment system available 24/7. This supports fast, secure, and seamless transfers between individuals and businesses, reducing dependency on cash. This will facilitate instant and affordable payments, ensure transaction speed, security, and regulatory oversight, which encourages more consumers and merchants to adopt digital wallets as a primary payment method. For example, a financial technology company in Argentina, Ohana, introduced a new digital wallet product to enable customers to make daily payments of GST in May 2020.

Argentina Digital Wallet Market Driver:

The massive expansion of the e-commerce sector is a significant market driver, propelling the expansion of Argentina's digital wallet market.

The availability of buy now pay later schemes and discount offers on availing online payment options are promoting the increased use of digital wallets to purchase products and services through virtual retail sectors. The Cámara Argentina de Comercio Electronico reported that the e-commerce sales in Argentina for 2022 multiplied by approximately 187% to reach US$2,846, 000 million pesos from its previous year's value of US$1,520,000 million pesos. In addition, it also revealed that weekly purchases increased from 39% in 2021 to 43% in 2022 indicating that online purchases are becoming a regular shopping style among a large portion of consumers. Consequently, the growth in online purchasing activities will boost the use of digital wallets to facilitate such purchases.

As stated in the International Trade Administration, in 2022, 26 million urban households in Argentina had access to computers, and 82 percent of them were online, according to the Argentine Chamber of Information and Communications (CICOMRA). Nine out of ten people use the internet, and nine out of ten use a cell phone. WiFi connections are becoming more widely available in both public and private spaces as a result of network expansion.

As more Argentinians shop online, particularly on mobile devices, there is a rising demand for smooth, quick, and secure checkout experiences. Digital wallets are well-suited to provide these experiences. E-commerce platforms like Mercado Libre, the largest online marketplace in Argentina, work closely with wallets such as Mercado Pago. This connection allows users to store funds, make instant payments, and receive refunds without needing traditional banks. This ease of use has made digital wallets a popular choice for online shoppers.

The ongoing growth of e-commerce has also led more merchants, including small and independent sellers, to accept QR code payments, payment links, and wallet-based checkout methods. This wider acceptance boosts the use and visibility of digital wallets in both formal and informal markets. In response, wallet providers are introducing services like "Buy Now, Pay Later" (BNPL) and digital financing options, further embedding themselves in the e-commerce ecosystem.

In the end, the rise of e-commerce in Argentina is not only increasing transaction volumes in digital wallets but also promoting their use for a wider array of services. This includes merchant payments, promotions, loyalty programs, and financial offerings, making wallets crucial to the country's evolving digital economy.

PAYMENT OUTLOOK ARGENTINA:

The payment outlook in Argentina consists of payment solutions, bank account holders, electronic transfer trends, and transfer systems. A digital wallet offers a range of features and services that make it an attractive option for people looking to transfer money. For example, the platform allows users to link their accounts to their debit or credit cards, making it easy to add funds to their wallets. It also offers a variety of payment options, including QR code scanning, online transfers, and in-store payments, which provide users with flexibility and choice. The growing internet penetration in Argentina and the rules & regulations laid by the government related to QR codes have provided a positive outlook to the country’s mode of payment. Furthermore, the growing smartphone penetration is also acting as an additional driving factor, boosting the usage of electronic means of payment in Argentina, thereby propelling the overall digital wallet market growth.

Argentina Digital Wallet Market Segmentation Analysis:

• The money transfer segment is expected to gain a large market share

By application, the Argentine digital wallet market is segmented into money transfer, recharge, food ordering, movie booking, and others. The increasing use of smartphones in Argentina is an important factor driving the digital wallet market growth. As mobile phone usage continues to grow in the country, more people are turning to digital payment platforms like digital wallets to transfer money to acquaintances. With just a few taps on their smartphones, users can transfer money to other people without the need to visit a physical bank or use cash. This is particularly important for people who live in remote areas or have limited access to banking services. Argentina has a large informal economy, and many people do not have access to traditional banking services. Further, by promoting the use of digital payment platforms like digital wallets, the government is making it easier for people to participate in the formal economy and access financial services. For example, it has launched a program called "Mi Argentina" that provides citizens with a digital ID that they can use to access a range of government services, including financial services. This program has helped increase the number of people with access to digital financial services in the country.

Digital wallet is a secure and reliable platform for money transfer as it uses encryption and other security measures to protect users' personal and financial information, ensuring that transactions are safe and secure. This level of security is important for consumers who may be hesitant to use digital payment platforms due to concerns about fraud and identity theft.  For instance, Prisma Medios de Pago, a leading payment processor in the country, partnered with Argentina Digital Wallet to offer customers a new digital wallet feature. This integration allows users to manage their payments and transfer money using the Prisma mobile app. Further, in 2021, Banco de la Nación Argentina, one of the country's largest banks, partnered with a company to offer customers a new digital payment solution. The platform, called "PIM", allows users to transfer money among other applications using their smartphones. Customers of Banco de la Nación Argentina can link their accounts to the platform and manage their payments using the bank's mobile app.

Additionally, several key developments are also driving market growth. For instance, in 2025, MercadoLibre’s (MELI.O) payment processors, which are run by fintech arm Mercado Pago, started offering transactions using its payment processors in Argentina through Pix, which is regarded as the Brazilian instant payment system.

Argentina Digital Wallet Market Key Developments:

• Expansion: Mercado Pago has integrated Brazil’s instant payment system Pix into its platform in Argentina, allowing Brazilian tourists to pay directly in reais without converting currency, as they shop or dine using their smartphones. This move streamlines cross-border payments, reduces costs, and boosts convenience for visitors, while Argentine merchants benefit from faster, inflation-resistant settlements.
• Mercado Pago’s Wallet Connect: Mercado Pago’s Wallet Connect is a developer-friendly product designed to automate payments through the Mercado Pago digital wallet. By integrating Wallet Connect, merchants and platforms can enable customers to complete transactions seamlessly using the funds stored in their Mercado Pago wallets, without redirecting them to external pages or requiring manual QR scanning.
• Ualá’s Prepaid Card Launch for Digital Wallet Users (2024): Ualá, a leading Argentine digital wallet provider, launched a prepaid Mastercard linked to its digital wallet, enabling users to make online and in-store purchases globally. This product expanded Ualá’s ecosystem, offering greater flexibility for users in Argentina’s high-inflation environment.

Segmentation:

• By Device
  • PC/Laptops
  • Smartphones
• By Application
  • Money Transfer
  • Recharge
  • Movie Booking
  • Food Ordering
  • Others
• By Province
  • Buenos Aires Province
  • Chubut
  • Santa Cruz
  • Tierra del Fuego
  • Others

1. EXECUTIVE SUMMARY

2. MARKET SNAPSHOT

2.1. Market Overview

2.2. Market Definition

2.3. Scope of the Study

2.4. Market Segmentation

3. BUSINESS LANDSCAPE

3.1. Market Drivers

3.2. Market Restraints

3.3. Market Opportunities

3.4. Porter’s Five Forces Analysis

3.5. Industry Value Chain Analysis

3.6. Policies and Regulations

3.7. Strategic Recommendations

4. Argentina Digital Wallet Market By Device (2022-2030)

4.1. Introduction

4.2. PC/Laptops

4.3. Smartphones

5. Argentina Digital Wallet Market By Application (2022-2030)

5.1. Introduction

5.2. Money Transfer

5.3. Recharge

5.4. Movie Booking

5.5. Food Ordering

5.6. Others

6. Argentina Digital Wallet Market By Province (2022-2030)

6.1. Introduction

6.2. Buenos Aires Province

6.3. Chubut

6.4. Santa Cruz

6.5. Tierra del Fuego

6.6. Others

7. Competitive Environment and Analysis

7.1. Major Players and Strategy Analysis

7.2. Market Share Analysis

7.3. Mergers, Acquisitions, Agreements, and Collaborations

7.4. Competitive Dashboard

8. Company Profiles

8.1. Mercado Pago (MercadoLibre S. de R.L. de C.V.)

8.2. Uala S.A.U.

8.3. PayPal Argentina S.R.L.

8.4. Modo (Play Digital S.A.)

8.5. Naranja X (Naranja Digital Compañía Financiera S.A.U.)

8.6. Prex Argentina S.A.U.

8.7. Brubank S.A.U.

8.8. BKR S.R.L. (Buenbit)

8.9. Pomela S.R.L.

8.10. Reba (Reba Compañía Financiera S.A.)

Mercado Pago (MercadoLibre S. de R.L. de C.V.)

Uala S.A.U.

PayPal Argentina S.R.L.

Modo (Play Digital S.A.)

Naranja X (Naranja Digital Compañía Financiera S.A.U.)

Prex Argentina S.A.U.

Brubank S.A.U.

BKR S.R.L. (Buenbit)

Pomela S.R.L.

Reba (Reba Compañía Financiera S.A.)