In the country 6 out of 10 consumers already use the cell phone as a wallet – 09/05/2019

First they moved the clock. Then, cell phones were monopolizing the functions of agendas, radios, MP3 players and GPS. For convenience, they even replaced PCs and tablets in many situations. And now begin to leave our wallets unused. It is not a prediction in the future, but a situation that is already registered in Argentina, where most people already got used to mobilize money from their mobile phone.

A survey of the Insights Division of the consulting firm Kantar, to which Clarion He agreed exclusively, revealed that 61% of adults in the country recently made a financial transaction with their cell phone. An average that it grows even more in men (65%), in the sectors with the highest purchasing power (73%) and in people between 35 and 49 years old (67%).

The survey was conducted in July with 1,000 consumers representing the national population aged 18 to 70, except for the "low marginal" level. And he found indications that the trend would not stop. One of them is that, among those who already used their phone as a wallet, 94% said the experience was good to excellent, and 2 out of 3 now say they prefer to use the mobile phone for this type of operation. “They are very satisfied and will continue to use it, for practicality, safety and time savings”, Remarks the report.

In addition, among those who have not yet used their cell phone to move money, 39% said they are likely to adopt the habit in the short term.

According to the survey, what is most done with apps is paying for services (37% says so) and recharging the cell phone (29%) and the SUBE card (22%). Sending money makes 19% of people and 10% already pay in stores with QR codes, an average that reaches 29% in the City of Buenos Aires.

"The way in which consumers manage their finances and relate to money is changing. Currently, cash is uncomfortable and insecure, while virtual wallets are practical, easy-to-use, increasingly accepted alternatives and offer the possibility of different types of transactions, including payments with discounts on some items, "the research authors say.

What apps do people use for all this? 46% only from your bank, 31% only a non-bank virtual wallet (such as Mercado Pago, VALEpei or Ualá) and 23%, both. But among those aged 18 to 24, for example, 63% use only a non-bank app. Y in relation to the total population, 33% are already users of apps not linked to banks.

Paula Arregui, senior vice president of Mercado Pago, said that “wallet” You can already pay with QR codes in 230 thousand shops of the country and that, since its debut in May 2018, more than 1 million users did so, with a 30% monthly increase in operations. Fuels, gastronomy, supermarkets and parking lots are the items where more is paid with QR and 50% of the users of the app are 18 to 35 years old, Arregui added.

In the case of VALEpei, which belongs to Red Link and also offers payments with QR, the wallet exceeded 205 thousand active users in August. "This growth is leveraged into new features, such as the entry into the app with facial recognition and a strong use to make cell phone recharges and SUBE cards," said Jorge Larravide, the firm's commercial manager, who adds that, on the other On the other hand, mobile banking users have already matched those of the classic home banking by PC.

From the survey, Sebastián Corzo, director of the Insights Division of Kantar, stressed that the phenomenon of virtual wallets “it is not limited to the highest socioeconomic levels or to experts in technology and finance. " “While many use them especially for top-ups, they begin to realize that they can also transfer or invest money. They are new tools for financial inclusion, valued especially by unbanked groups, ”he closed.