Service stations, Chinese self-service stores, wholesale supermarkets and even psychologists, plumbers and a wide range of independent professionals.
Everyone wants to join the "revolution" of QR codes. And it is not for less, since they do not have to pay commission to Visa or Mastercard and, as if this were not enough, they make money immediately.
On the other side of the counter, that is to say, of the final consumer, this modality is gaining in acceptance since it avoids having to transport cash and credit cards, which translates into more comfort and security.
Likewise, the market already has half a dozen virtual wallets (ewallet), and everything indicates that other options will be added over time (see infographic below):
The payment with QR is growing at an accelerated pace. It has ceased to be attractive only to the eyes of the "millennials" and its use has spread to people of different ages. In particular, those between 25 and 55 years old.
At the same time, the number of establishments has increased: more than one million have added this modality, a record number that has exceeded all initial estimates.
For the use of this system, a virtual wallet is required, such as Mercado Pago (Free Market) ValePei (Link) and Todo Pago (Prisma). All of them are apps that are downloaded to mobile phones for free.
In addition to the purchase of products and services, it also allows the transfer of funds to other people as quickly as if cash was delivered.
QR codes are presented as an alternative to credit, debit and cash cards. Some of these apps also offer the possibility of adding balance to the SUBE or to the cell phone, among other functions.
The e-wallets already represent in Argentina 20% of the Fintech ecosystem firms, point out from the Fintech Chamber. And they indicate that they are in full stage of development.
"Mercado Pago took the leadership of the segment that unites companies with final consumers (B2C), while other platforms compete to win in another space: the one that links companies with companies (B2B)," says Emanuel Sánchez, IT Softtek executive , company specialized in solutions.
Mercado Pago, the largest e-wallet in the region, accumulates more than 10 million downloads and coexists with other options such as VALEpei, used by more than 130,000 customers.
"One of our differentials is that all those people who do not have a bank account and who receive money through a virtual wallet, can withdraw it from a LINK ATM, out of the more than 5,000 ATMs in Argentina," explains Jorge Larravide, Manager Comercial de LINK, the Argentine firm behind VALEPei.
Another big player is Todo Pago, which has more than 1,500,000 users, both its "e-wallet" and other transactional functionalities in electronic commerce.
In full expansion
The virtual wallets are in full boil in Argentina. And beyond the strong growth experienced in recent years, experts say they have enormous potential and will travel the same road as in other countries of the world.
"In China, 70% of commercial transactions are carried out in a virtual way, we Argentines are in the midst of a process of cultural change and this system will surely be adopted in a not too distant future," says Juan Pablo Bruzzo, president of the Argentina Chamber of FinTech.
"The advantages offered by the QR, including practicality and security, make every day to win more land to cash," he adds.
Experts agree that the modality of mobile payments is in full expansion, while the use of physical money decreases. There are several reasons for this behavior: from aspects related to ease of use to others such as not having to go to a cashier to withdraw bills.
"Since we launched payment with a QR code in Argentina, the growth in usage has been exponential, and we have processed more than 3.5 million transactions," says Paula Arregui, Senior VP of Mercado Pago.
"If we take into account that in our country half of the population is not banked and, at the same time, there is a high degree of massification of smart phones, it is natural that to pay for a product or service the phone is imposed on the card or cash, "adds the executive.
"We have to take into account that we are transforming habits and this requires time, it is important to promote the electronic channel with solutions adapted to the daily needs of people," adds Fernández.
The manager says that 80% of users who use QR today are recurrent, "since a good shopping experience always helps to retain customers."
"In relative terms, it grows month by month at a much higher rate than any other electronic medium, for example, the channel with the highest maturity and showing almost vegetative growth is the ATM: 2% per year," he says. Larravide, from LINK.
In a comparative way, the executive adds that "the rate of growth of Home Banking is around 30%, that of different Mobile Banking apps scale to 100% and the VALEpei digital wallet to 600%".
How long before the e-wallets market reaches maturity? the sources consulted believe that it will happen faster than originally planned, although they prefer not to risk dates.
"We can not estimate times, because this does not only depend on what happens with the e-wallet, since there is a direct relationship with people who are banked and the reduction of those who are outside the formal economy," justifies Fernández, of Softtek.
Some numbers to keep in mind
The items that grew the most varied according to geographical locations, but basically refers to people or businesses that previously operated only cash: remises, vendors at fairs, mechanics, bars and veterinarians, among others.
According to LINK data, customers make an average of 14 operations per month and each transaction is for $ 1,877, average. In addition, in the use of VALEpei, the socio-economic and geographic profile is very broad. In terms of age ranges, the segment 22-55 years predominates, while heavy users are around 30-45.
Among the users of Mercado Pago, 50% are between 18 and 35 years old: 40% are women and 60% are men. Only 28% of Argentines have a means of electronic payment and it is estimated that 15.8 million inhabitants have at least one active debit card.
Advantages for businesses
For this system to shoot even more, it must grow in users and in adhered businesses. To achieve the latter, Larravide states that in PEI operations the money is credited online in the bank's trade account, which makes a good difference compared to the usual 48 or 72 hours of delay in the case of a debit purchase.
"This is very attractive for business, especially in times like today with current interest rates," he adds. Larravide also indicates that an IEP operation has a significantly lower cost for businesses than a debit or credit card: between 0.6% and 0.8% depending on the volume.
In the case of Todo Pago, this e-wallet offers a comprehensive proposal of services and solutions for each business segment. In total, it accounts for just over 600,000 adhered establishments.
"We have a grouping model to manage a sale through QR and our payment button, accepting all the means in the same platform in a safe, simple and fast way," says Fernández.
"Commerce simply registers, lowers the QR and begins to operate, we can also integrate with its systems, and this model acquires great relevance among independent professionals from different fields and small businesses, since they see it as the solution to the inconveniences that arise from charging with cash", he adds.
Bruzzo points out that the points of sale welcome this initiative. In particular, those who until now had difficulty in having a POS terminal.
"The business is looking for a fast adoption technology, trying to improve its operation costs with cards and, if possible, the subsequent reconciliation of its operations, these three points are key when choosing which wallet and QR payment to accept in their business", summarizes Sánchez.
On the other hand, Arregui, from Mercado Pago, highlights the other side of the coin: "Thanks to the use of QR, the points of sale comply with AFIP, which obliges them to accept alternatives to cash. to his clients comfortable, simple and safe methods".
In addition, he points out that "among the main benefits for merchants, there is no initial cost or maintenance, they only have to print the QR code or show it from a smartphone or tablet".
Another peculiarity of Mercado Pago is that it allows users to invest their digital balance and receive estimated annual returns of 40%.
In this context, it is clear that over time the two main barriers to entry will be overcome: the habit of use by people, and their perception regarding the security of transactions.
In both cases, brands are working to communicate the benefits of operating electronically for both consumers and businesses. And continue to promote the "QR revolution".
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