WealthTech services dominate app stores in Argentina in 2021

  • Argentina has a good FinTech adoption rate of 67%, due to a high underbanked population (49% before Covid-19) and a major shift towards a cashless economy, 46% of point of sale transactions were digital payments in 2020. Argentina’s internet penetration is also high at 78% and smartphone penetration is 57% offering opportunity for FinTech to thrive.
  • Mercado Pago, a payment gateway for Latin American countries, was the most downloaded app in Argentina during 2021. Mercado Pago is dominating Latin American payments and has over 14m downloads in Brazil and over 5m downloads in Mexico.
  • Argentinian FinTech regulation has progressed in recent years with the introduction of new regulation for payment service providers (PSP) and payment accounts on 9th January 2020. This regulation changed the way PSPs operate in terms of registration, reporting obligations and surveillance systems to make payments more identifiable and traceable.

The data for this research was taken from the FinTech Global database. More in-depth data and analytics on investments and companies across all FinTech sectors and regions around the world are available to subscribers of FinTech Global. ©2021 FinTech Global

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