A recent survey conducted in September 2024 by the consulting firm Opina Argentina among 300 businesses in the City of Buenos Aires and the surrounding area revealed that cash remains the predominant means of payment in the region. According to this research, 65% of purchases in the metropolitan area are made in cash, relegating other payment methods like virtual wallets and debit or credit cards to a secondary position. These data highlight the persistence of traditional practices in consumption, despite the growing presence of digital payment options and the proliferation of electronic wallets in the country.
In contrast to this trend, the adoption of new payment technologies, such as virtual wallets, is advancing more slowly in the mentioned area. Although several alternatives are available, the survey reveals that virtual wallets account for only 3% of the total transactions in the surveyed businesses, indicating low usage of this electronic payment method.
Mercado Libre, the leading e-commerce platform in Argentina, along with its payment system Mercado Pago, has generated divided opinions among merchants in Buenos Aires and the surrounding area. About 35% of merchants using the Mercado Libre platform believe that the fixed costs of the company are high, negatively impacting their profit margins. Regarding the most used virtual wallets, the Banco Provincia's Cuenta DNI stands out as the favorite among merchants, thanks to its frequent promotions and discounts that are attractive to users.
On the other hand, Mercado Pago, despite being the most popular virtual wallet at the national level, faces criticism from merchants in the Metropolitan Area of Buenos Aires. Many merchants question the exclusivity imposed by Mercado Libre by forcing them to use only Mercado Pago as a virtual wallet on its platform, limiting the possibility to offer other payment options to their customers. Additionally, the payment retention policies and fees imposed by Mercado Pago generate dissatisfaction among respondents, being perceived as financial obstacles for the operation of businesses, especially for smaller shops.
In summary, despite the growth of digital payment options, cash remains king in the metropolitan area of Buenos Aires, highlighting a resistance to the adoption of new payment methods.
