Thursday , November 21 2019
Home / argentina / In November, consumption increased with debit and credit cards

In November, consumption increased with debit and credit cards

Operations with credit cards and debit they grew up 14 percent year on year in November the latter, driven by mobile phone, airline tickets and services. According to the report prepared Credit Card Association and Shopping (Atacyc), peso accounts rose by about 40 percent year on year over the same period.

According to the work 47.9 percent of payments for services during November it was done with a debit card; meanwhile 43.9 percent of the air ducts purchased this month also materialized with this means of payment. With credit cards, the mobile phone leads in the level of operations, having increased by 34.6 percent for transactions and by 56.2 percent, always compared with last year.

On the other hand, according to Atacyc, in the last month of the current year there were fewer sales using debit and credit cards for household items, furniture, clothes and shoes. It should be noted that in November the use e-money was rcord from 31.4 percent of total deposits from a private sector perspective.

Thus, I beat 23 historical marks in two years. The report, which accompanies the measurement of UDE Link, states that, in accordance with the new restrictive monetary policy, the demand for money fell again in November. “However, the use of electronic money by the Red Link group of companies reached a record level of 31.4 percent of the total bank deposits in the financial system,” the letter says.

Thus, I climbed five percentage points from a year earlier, when it rose to 251,829 million pesos. It is important to note that the total volume of transactions across all channels of electronic payments grew in the last month of 2018 by 26.7 percent year on year, that is, almost 365 million pesos.

From individuals and legal entities, an average of just over 690 pesos per operation, I increased just over 12 percent in just one year. With regard to the use of electronic money, it turns out that users pay for electricity, water and gas services along with national taxes, telephone and credit cards.

The truth is that the most dynamic growth was observed in the segment of banking companies, which doubled in 20 months to 256,463 transactions, while in the group of individuals growth was more moderate – 22.1%. As the Institute for Social Development in Argentina (IDESA) points out, the “shock” of banking activities caused by the massive use of electronic money can be a fundamental factor in reducing corruption and reducing tax evasion.

Source link