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Credit and Debit cards market in Argentina - 2023.09 Rankings

Credit cards outstanding receivables
The ranking of competitors with the highest growth in market share in the portfolio of credit card financing at the close of September 2023 shows that BANCO PROVINCIA has managed to secure the first position with an advancement of 1.09 percentage points of participation, reaching an 8.6% market share and attaining the sixth position in the sector (behind the five major leaders: BANCO GALICIA, SANTANDER, BBVA, BANCO NACION, and BANCO MACRO). Following closely in market share growth with notable performances are ICBC ARGENTINA (+0.26%), BANCO MACRO (+0.14%), HSBC (+0.08%), and BANCO DE SERVICIOS FINANCIEROS (+0.03%).

Similarly, the ranking of competitors based on the number of credit card customers shows that BBVA holds the top position with a growth of +0.4% percentage points of market share. Following BBVA are BANCO COLUMBIA (+0.26%), BANCO MACRO (+0.18%), BANCO NACION (+0.17%), and ICBC (+0.15%). In debit cards, BANCO NACION maintains and further solidifies its leadership, with a growth of 1.7% in its market share at the close of September.
Regarding the credit and debit card business performance in Argentina in the Q3.2023, the number of credit card users remained stable at 24.7 million, while the number of issued credit cards experienced a 5% decline, totaling 39.1 million cards. In contrast, debit cards witnessed a substantial 5.7% quarterly increase, reaching a total of 82.4 million cards. Correspondingly, the number of transactions with debit cards rose by 13.3% compared to the previous quarter's end, and the amount of payments made with debit cards exhibited a nominal quarterly growth of 40.3%, partially attributed to high inflation.

The trajectory of credit card usage displayed a different pattern. While the number of transactions remained stable (+0.6%), the volume of payments grew by a nominal 31.1% compared to the previous quarter's conclusion. Conversely, the utilization of prepaid and transportation cards saw a 6.4% increase in the number of transactions and a 29% rise in nominal volume.

Examining the year-on-year variation in the card business (January-September 2023 compared to the same period in 2022) reveals an increased demand for the product and the impact of inflation on the volume of processed transactions measured in local currency. Year-on-year, transactions with credit cards increased by 10%, debit cards by 18%, and transportation cards by 9%. Particularly noteworthy was the substantial growth in transactions with prepaid cards, soaring by 66% compared to 2022. However, due to the inflationary impact, the nominal volume of payments for all cards experienced exceptionally high year-on-year variations. Credit card payments surged by 116%, debit cards by 120%, transportation cards by 133%, and prepaid cards by an astonishing 204% annually by the end of September.

In the realm of savings accounts, checking accounts, and social accounts, all experienced increases in the quarter (+3.7%, +2.4%, and +3.1%, respectively). However, the number of plans decreased, and salary accounts totaled only 10.1 million at the end of September. Simultaneously, fixed-term operations underwent a significant contraction, with a quarterly drop of 5.5%.