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The Argentina mobile wallet market exhibited strong growth during 2015-2020. Mobile wallet, or m-wallet, refers to a digital virtual wallet that allows users to store money and conduct financial transactions. It is widely being adopted for numerous applications related to bill payments, ticket booking, online purchases, buying groceries, etc. in the country. Mobile wallets deploy several technologies for conducting transactions, including Near Field Communication (NFC), Short Message Service (SMS), optical/QR codes, etc. These wallets offer secured and convenient payment solutions in comparison to conventional cash-based transaction methods. As a result, mobile wallets are extensively used across diverse sectors, such as retail, transportation, media and entertainment, utility, telecommunication, etc.
In Argentina, the rising penetration of e-commerce platforms along with the growing popularity of IoT-based smart devices is augmenting the demand for mobile-wallets. Additionally, the changing consumer inclination from conventional card- and cash-based payment options towards digital alternatives for enhanced security and better convenience is also propelling the market growth in the country. Moreover, the expanding retail sector has led to the increasing adoption of QR codes and NFC-based devices for eliminating card swiping and manual entry, thereby driving the demand for mobile wallets in Argentina. These wallets aid the retail stores in mitigating human errors, facilitating a smoother checkout experience, and maintaining account transparency. Apart from this, the introduction of numerous multi-factor authentication solutions, including fingerprint sensors, facial recognition, and passwords, for providing mobile wallets with enhanced security options is also bolstering the market growth in the country. In the coming years, the growing integration of mobile wallets with several innovative technologies, such as AI and cloud computing, will continue to drive the market in Argentina. Looking forward, IMARC Group expects the Argentina mobile wallet market to continue its strong growth during the next five years.
IMARC Group provides an analysis of the key trends in each sub-segment of the Argentina mobile wallet market report, along with forecasts for growth at the region level from 2021-2026. Our report has categorized the market based on type, ownership, technology and vertical.
Breakup by Type:
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The competitive landscape of the industry has also been examined with some of the key players being EBANX, Ohana, Mercado Pago (MercadoLibre SRL), PayPal Argentina S.R.L. (PayPal Holdings, Inc.), TodoPago, and VALEpei.
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