According to the Global Payments Report published in November 2017, Argentina has the highest penetration of credit cards in Latin America – it is even bigger than several European countries. More than 86% of the 43 million inhabitants have internet access, which represents a great business opportunity for digital companies that want to increase sales in the country.
Online shopping confidence has also increased a lot. “Being more comfortable with credit cards operations helps growth, but cash-based payments meet the demand of consumers who still have issues with security when buying online or that do not have a bank account”, explained BoaCompra’s Payments Director, Fernando Estevez.
Argentina can be a complicated market to international companies, but there is still plenty of room for e-commerce growth since access to the internet is increasing and Argentinian consumers are starting to buy more online.
“Installments are crucial specially for high value purchases. If an International company wants to truly expand into Argentina, local credit cards with installments and cash-based payments, like Rapipago or Pago Fácil, need to be offered”, said Fernando Estevez.
With an estimated GDP of USD 629 billion, e-commerce keeps growing year after year on double digits, with a projected growth of 24% until 2021. “BoaCompra has developed the best connections with local players in order to offer access to online bank transfers, local credit cards and cash-based payments”, concludes Fernando Estevez.
Argentina in numbers:
- Population: 43.8 million inhabitants;
- GDP in 2017: USD 629 billion;
- 86.9% of population have internet access;
- Digital sales are expected to have a double-digit growth for the next 5 years;
- 3rd largest population in Latin America.
- 25 payments methods;
- Local credit and debit cards;
- Installments though local credit cards;
- Cash-based payments.
BoaCompra’s partners in Argentina:
- Online Bank Transfers: Citibank, Macro, Santander, Banco de Galicia;
- Credit Cards: Visa, Mastercard, Diners, American Express, Nativa, Cencosud, Cabal, Argencard, Naranja, Shopping, VISA Electron, Maestro;
- Cash-based Payments: Pago Fácil, Rapipago, Bapro Pagos, Cobro Express, Cuenta Digital, Voucher Digital, Link Pagos.