Due to the decline in the yields of fixed-term deposits provided by banks, which currently range between 33% and 39%, virtual wallets have become an attractive alternative for savers. Companies like Mercado Pago, Ualá, and Naranja X offer equivalent or even better rates, allowing for daily returns in pesos without locking up the money.
Trascendo, a consulting firm specialized in personal finance, recently reported that one virtual wallet has increased its nominal annual yield to 45%. The study conducted by this consulting firm highlights the differences in the yields currently offered by the main fintech platforms in Argentina.
Although interest-earning accounts are a good option compared to savings accounts, they are not enough to generate significant profits. There is uncertainty about whether the yields of virtual wallets will decrease, as the Central Bank has mandated that Common Investment Funds linked to virtual wallets must increase their reserve requirement from 15% to 20%, which will impact the yields offered.
According to Trascendo, the increase in reserve requirements could lead to a reduction of up to 2% in the daily yields of virtual wallets when the measure takes effect on November 1. Despite these changes, none of the virtual wallets have managed to surpass the inflation rate so far, and the yields are generally limited to an amount of 600,000 pesos.
Additionally, the analysis conducted by Trascendo highlights that no virtual wallet currently exceeds inflation. Meanwhile, Mercado Pago offers a yield of 37.85% and Prex offers 38.18%. On the other hand, Personal Pay adjusts its yields based on the amount of money spent the previous month, offering rates of 38%, 45%, and 48%. It is important to consider that each application has its own criteria for calculating and publishing the Nominal Annual Rate (TNA).
In summary, virtual wallets like Mercado Pago, Ualá, and Naranja X are attracting the attention of savers in Argentina by offering attractive yields in a context where bank fixed-term deposits have decreased. Despite the uncertainty regarding the possible reduction in yields due to regulatory changes, these platforms remain an interesting option for those seeking to make gains with their savings.
