Connect with us

Featured

What Fintech Trends Set the Agenda for 2021 in Argentina

The fintech sector in Argentina has strongly developed during the pandemic. There are 238 fintech companies, i.e., almost three times the 79 entities (between banks and finance companies) licensed by the Central Bank. In terms of the number of users, the 4.0 institutions have 8 million accounts, compared to 71 million savings banks in the traditional system.

Published

on

Financial services gained great prominence during the pandemic and also in the post-pandemic stage, hand in hand with the evolution of consumer payment methods. There is no doubt about the dynamism of fintech companies in Argentina and the rest of Latin America, as well as the value they generate to the digital ecosystem.

Thus, countless services associated with payment solutions and digital transactions have emerged, improving the user’s shopping experience, facilitating a frictionless journey, and ensuring security, stability, and ease.

“Looking ahead to 2022, it is important that we start analyzing what trends will mark the end of this year of continuous learning to maintain demand and meet the new needs of consumers, who guide the products and services that companies require,” remarked Valeria Rodriguez, Director of LYRA Argentina.

In the financial sector, there were important advances in digital transformation, which ratify the importance of placing the customer at the center of the development of products and services.

Find more about the fintech sector in Argentina and read the latest business headlines with the Born2Invest mobile app.

LYRA shares 3 trends that are here to stay:

Bye-bye cash! Although cash showed great resilience and will surely remain so for a while, there are more and more alternatives. Digital payments are here to stay and with it the payment fintech companies proliferated, which took advantage of this trend and offered innovative solutions, enabled by technologies such as big data, blockchain, cloud computing, among others.

Internet-connected devices are the new wallets! All those technologies based on mobile devices revolutionized the way we make payments and will continue to do so. The natural evolution will be that any device connected to the Internet can become a wallet, from a watch to a TV screen.

SEE ALSO  How to beef up workplace cybersecurity in 2019

Massification of wireless payment terminals: In Argentina, this is a breakthrough, while in Colombia and Brazil this trend has been in place for many years, but wireless terminal payment delivery was not so common in our country. Today the terminal has evolved into a mobile device that serves as a wireless cash register.

“Undoubtedly, the use of technology has made it possible to reduce transaction costs for operators and speed up the execution of payments, which results in a better customer experience, revolutionizing the way in which people make payments. It is important to continue working and be alert to the needs of the market to take the digital ecosystem to the next level,” she added.

The number of fintech companies already triples that of traditional banks

Financial services 4.0 are expanding faster and with more innovation than almost any other. However, banking entities are starting to learn the new codes. When considering the figures, there are two facts to keep in mind:

There are 238 fintech companies, i.e., almost three times the 79 entities (between banks and finance companies) licensed by the Central Bank. In terms of the number of users, the 4.0 institutions have 8 million accounts, compared to 71 million savings banks in the traditional system.

__

(Featured image by Nestor Barbitta via Unsplash)

DISCLAIMER: This article was written by a third party contributor and does not reflect the opinion of Born2Invest, its management, staff or its associates. Please review our disclaimer for more information.

This article may include forward-looking statements. These forward-looking statements generally are identified by the words “believe,” “project,” “estimate,” “become,” “plan,” “will,” and similar expressions. These forward-looking statements involve known and unknown risks as well as uncertainties, including those discussed in the following cautionary statements and elsewhere in this article and on this site. Although the Company may believe that its expectations are based on reasonable assumptions, the actual results that the Company may achieve may differ materially from any forward-looking statements, which reflect the opinions of the management of the Company only as of the date hereof. Additionally, please make sure to read these important disclosures.

First published in iProUP, a third-party contributor translated and adapted the article from the original. In case of discrepancy, the original will prevail.

Although we made reasonable efforts to provide accurate translations, some parts may be incorrect. Born2Invest assumes no responsibility for errors, omissions or ambiguities in the translations provided on this website. Any person or entity relying on translated content does so at their own risk. Born2Invest is not responsible for losses caused by such reliance on the accuracy or reliability of translated information. If you wish to report an error or inaccuracy in the translation, we encourage you to contact us.

Sharon Harris is a feminist and a part-time nomad. She reports about businesses primarily involved in tech, CBD, and crypto. She started her career as a product manager at a Silicon Valley startup but now enjoys a new life as a personal finance geek and writer. Her primary aim is to provide readers with a new perspective on the overlapping world of finance and technology.