Argentina's mobile wallet market is growing due to smartphone usage and fraud prevention. Key players include EBANX and Mercado Pago.
According to IMARC Group’s latest report, titled “Argentina Mobile Wallet Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026”, the Argentina mobile wallet market exhibited strong growth during 2015-2020. A mobile wallet is a payment service accessible through an application installed on a mobile device like a smartphone or tablet. It stores details about coupons, credit cards, debit cards, and loyalty cards of the user. As these details are encrypted and linked to a personal identification format, such as a key or scannable QR code, the mobile wallet reduces the risk of fraudulent activities. Consequently, mobile wallets are gaining traction in Argentina to make in-store payments without carrying cash or credit cards.
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The growing usage of smartphones, in confluence with the increasing cases of credit card fraud and cybercrimes, represents one of the key factors influencing the demand for mobile wallets in Argentina. Moreover, mobile wallets save user payment credentials and make them available at the Point of Sale (POS), thereby enhancing the overall user experience. Furthermore, as most of the mobile wallet applications have messaging features, several businesses are utilizing mobile wallets as a marketing channel to increase user interaction. This is anticipated to drive the market in the country. Looking forward, IMARC Group expects the Argentina mobile wallet market to continue its strong growth during the next five years.
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The main topic is the growth and opportunities in the Argentina mobile wallet market by 2026.
Increased smartphone usage and the need to prevent credit card fraud drive demand.
Key players include EBANX, Mercado Pago, and PayPal Argentina.
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