More and more users use electronic money in their transactions and lower the use of bills and coins

Data from the banking system at the end of July allowed Red Link to estimate that the use of electronic money rose in July from 37.9% to 40% of demand deposits (checking and savings accounts), to $ 409,447 million.

The growing dissemination of fixed-term web deposits, interest rate placements in entities where you are not a customer, once again became the most dynamic factor in the movement of money over the internet, and gradually displaces the use of bills and coins.

"The relationship between the amount adjusted for inflation of money operated through electronic channels and the average balance of deposits in checking accounts and savings accounts in pesos in the banking system increased in the last 12 months to July by 36.5 percentage points, as a result of real growth of 20.8% in the first case, and a 15.8 fall in the second, "Red Link reported.

"In the first 7 months of 2019 the average physical money for transactions available in banking entities contracted in real values ​​17.1%, while the use of circulating on the internet expanded in that period 5.1%; while that of electronic channels grew smoothly, 1.1%. Hence the relationship between the use of channels and bank charges increased 23.6 percentage points compared to a similar section of the previous year, "the private study details.

Highlights the report of Red Link 4 topics:

one. The use of electronic money adjusted for seasonality and deducted the effect of inflation grew 4.7% last month, in contrast to a
new decrease of 4.6% of total high liquidity bank deposits measured in the same way.

two. The number of users of the electronic payment, transfer and deposit system registered a maximum mark, approached 30 million, mainly from immediate transfers, rose 4.4% compared to June and almost 47.6% in one year; and 1% and 11.4% monthly and year-on-year, respectively, for purchases with a debit card.

3. The use of the channels that grew the most were Valepei 5.5% in the month and 325% year-on-year, followed by advances of 1.2% to 2.1% monthly and from 5.6% to 27.7% year-on-year from Home Banking and Mobile Banking.

Four. The most dynamic item in the month in number of transactions was the DEBIN which is in the middle of the maturation stage of the authorization by the Central Bank of the Argentine Republic of the Term Deposits WEB in entities where the investor is not a regular customer. It reached 159,140, ​​increased 59% compared to June.

Red Link ATM users had an average of 8.3 transactions in the month each. In Home Banking it stabilized at around 2.2 million, with a high range of 82 average operations. While the use of mobile devices scored a maximum mark of 1.4 million, 25.2% higher than the same month of the previous year.

Link users through the cell phone were also a record, exceeding 755 thousand; with an increase rate of 2.1% in the month and almost 28% in one year.

Clearly, people gain greater confidence in the use of electronic money, and discover the benefit of saving time and the possibility of accessing promotions from the banking system as a whole.