Argentina Profile: Argentina's Underbanked Start to Accept Cashless Payments

15 Nov, 2020 . 4 minutes

Argentina’s population was estimated at 45.1 million in 2020. The average highest online spenders are aged between 25 years and 34 years with 29.1 percent. Ecommerce in Argentina has been growing steadily since 2019. B2C ecommerce users have experienced a 6.8 percent year-on-year growth and are expected to increase to 24.8 million users in 2020. Also, Argentina accounted for 6 percent of the Latin American ecommerce market as at the fourth quarter of 2019. It is expected to grow to 19 percent by 2022.

Argentina’s internet penetration is 78 percent and smartphone penetration is 57 percent, according to January data. The growth of B2C ecommerce users' average transaction is US$416.6 for a total transaction value of as much as US$10.34 billion by the fourth quarter of 2020. Representing 7 percent of the ecommerce market, Argentina's B2C cross-border ecommerce shoppers mostly purchase from the US, China and Chile.

Before the coronavirus 49 percent of the population was underbanked - or those that use fewer banking services and rely on cash more than checks, credit cards, and other financial instruments. Now, the number of new payment cards issued has increased as much as 20 percent monthly after a nationwide lockdown began. Card use is at 77 percent and cash use has fallen to 18 percent of total ecommerce payments.

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