Digital wallets challenge traditional banking in Argentina

A study by Stefanini Group on banking primacy in Argentina reveals a shift in how consumers manage their money. While 78% of respondents still receive their salaries through traditional banks, digital wallets are increasingly becoming the primary tool for daily transactions, payments, and investments.

Generation Z shows the highest adoption rate for using digital wallets to receive income at 27%, compared to 22% for Millennials, 19% for Generation X, and 16% for Baby Boomers. Although employers are still required to use salary accounts, users frequently transfer funds to digital wallets immediately after credit to manage daily expenses.

This trend has sparked debate regarding labor reforms and whether salary accreditation should be permitted through regulated Payment Service Providers (PSP) to increase competition and interoperability within the financial ecosystem.