Card payments to cross USD 100 bln by 2022 in Argentina

Wednesday 5 June 2019 08:58 CET | News

The total card payments value in Argentina is set to reach a compound annual growth rate (CAGR) of 20.4% between 2018 and 2022, according to GlobalData.

Card-based payments are gradually gaining traction in Argentina due to government initiatives. As the Payments Landscape in Argentina: Opportunities and Risks to 2022 report reveals, the overall card payment value in Argentina increased at a CAGR of 39.9% during 2014–18, rising from ARS 489.5 billion (USD 13.0 billion) to ARS 1.9 trillion (USD 49.8 billion). This value is expected to reach ARS 3.9 trillion (USD 104.6 billion) by 2022.

To drive card acceptance among merchants and professionals, the Federal Administration of Public Revenue made it mandatory in February 2017 for merchants to install POS terminals. Retail and wholesale businesses, as well as professionals offering services in health, culture, sports and entertainment fall under the purview of this regulation.

Moreover, the government reduced the merchant service charge on debit card transactions from 1.5% to 1.1%, effective from January 2018, with plans to further reduce this to 0.8% by 2021, in a bid to make card acceptance cheaper for merchants.

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Keywords: Argentina, card payments, GlobalData, merchant, payments, Federal Administration of Public Revenue
Countries: World

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