According to the latest report by IMARC Group, titled " Argentina Mobile Wallet Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027," the Argentina mobile wallet market is expected to grow at a CAGR of 16.5% during 2022-2027. A mobile wallet is a virtual wallet that enables users to store information about their credit/debit, loyalty and reward cards on a smartphone to facilitate digital transactions in a convenient manner. Also known as an m-wallet, it is widely utilized for making in-store payments and paying merchants with the use of applications, such as Apple Pay, Google Pay and Amazon Pay. These apps generally use keys, QR codes or biometric information to access the payment information of the user, thereby enhancing the safety and reliability of these wallets. Consequently, they are widely employed across numerous industry verticals, such as retail, utility and telecommunication, as the preferred mode of payment.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Argentina Mobile Wallet Market Trends:
The market is majorly driven by the increasing penetration of e-commerce platforms and the rapid expansion of the retail sector in Argentina. Along with this, improving internet connectivity and the rising adoption of smart devices in the country are also providing an impetus to the demand for mobile wallets. Moreover, these mobile-based solutions are integrated with advanced technologies, such as optical codes and Near Field Communication (NFC), in an attempt to offer enhanced security and convenience to the users while making digital transactions. They are also being equipped with Artificial Intelligence (AI) and cloud computing solutions, which is acting as a major growth-inducing factor. The market is further driven by the increasing deployment of multi-factor authentication solutions in mobile wallet apps to further improve overall security and safeguard critical data from cyber thefts. Furthermore, numerous key players in the country are now undertaking initiatives to collaborate with banks and payment service providers to improve the payment infrastructure to enhance the user experience, thereby creating a positive outlook for the market.
- On the basis of the type, the market has been divided into open, semi-closed, and closed.
- Based on the ownership, the market has been segmented into banks, telecom companies, device manufacturers and tech companies.
- On the basis of the technology, the market has been classified into near field communication, optical/QR code, digital only, and text-based.
- Based on the vertical, the market has been categorized into retail, transportation, media and entertainment, energy and utilities, telecommunication, and others.
- The competitive landscape of the industry has been examined in the report with the detailed profiles of the key players. Some of these players include EBANX, Ohana, Mercado Pago (MercadoLibre SRL), PayPal Argentina S.R.L. (PayPal Holdings, Inc.), TodoPago, and VALEpei.
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