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In November, the use of electronic money was



Using electronic money It was a record in November, with 31.4 percent of the total deposits, taking into account the private sector, and bati 23 historical brands for 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.

“But 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”indicated the inscription. Thus, I climbed five percentage points from a year earlier, when it rose to 251,829 million pesos.

The truth is that the total number of transactions across all electronic payment channels increased in the last month of 2018 by 26.7 percent year on year, to almost 365 million pesos. From individuals and legal entities with an average of just over 690 pesos per operation, I increased just over 12 percent in just one year.

In November, 23 entries in the UDE Link components were exceeded: the number of transactions by channels; relation to the total amount of deposits; number of operations; banking and mobile phone operations; use of electronic wallet; Cellular; as well as users of electronic cards, among others.

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 most dynamic growth was observed in the segment of banking companies, which for 20 months doubled to 256,463 transactions, and in the group of individuals growth was more moderate – 22.1%.

In the case of individuals, where operational advantages were recorded, as well as saving time and reliability of the electronic payment system, the most significant uses in terms of the number of transactions correspond to electricity, gas and water; on taxes levied on AFIP; on the phone; and credit cards. They were followed by municipal taxes; other national and provincial taxes; and cable television operators.

It is important to remember that the Institute of Social Development of Argentina (IDESA) last week believed that the “shock” of banking due to the massive use of electronic money could be a fundamental factor in achieving a reduction in corruption and also reduce tax evasion.


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