Argentina’s Card Payments Market: Key Data and Competitive Shifts at the Close of 2024
The credit and debit card market in Argentina experienced remarkable growth throughout 2024, both in transaction volumes and values, reflecting a dynamic environment shaped by inflationary pressures, changing consumer habits, and an increasingly competitive banking landscape, according to the findings of the Credit and Debit Cards Market in Argentina market research.
Debit card transactions reached 2.979 billion operations between January and December 2024, representing a 15.5% increase compared to the same period in 2023. The monetary value of these transactions saw a much steeper rise, totaling AR$ 51.713 trillion for the year—an increase of 204.4% year-over-year. The surge in nominal transaction values, while partly attributable to increased usage, is also largely driven by Argentina’s persistently high inflation, which significantly amplifies monetary aggregates.
Credit card activity expanded even more rapidly. The number of credit card transactions climbed from 1.373 billion in 2023 to 1.913 billion in 2024, marking a 39.3% annual increase. The total amount transacted soared by 267.4%, reaching AR$ 70.587 trillion. This increase was not only the result of rising card adoption and spending behavior but also heavily influenced by inflation, which continues to push nominal values upward across the board.
Market Shares
In terms of competitive dynamics, several players strengthened their market positions. Banco BBVA Argentina stood out as the top performer in both debit and credit card segments. It gained 0.52 percentage points of market share in the number of debit cards issued and 0.43 points in the volume of credit card portfolios, placing it at the forefront of growth in both categories.
Other banks registering notable gains in debit card issuance were Banco de Galicia y Buenos Aires (0.44%), Banco de la Provincia de Buenos Aires (0.36%), Banco Columbia (0.21%), and Banco de Servicios Financieros (0.09%). In the credit card portfolio space, BBVA was followed by Banco Hipotecario (0.26%), Banco Macro (0.23%), Banco de la Provincia de Córdoba (0.22%), and Galicia (0.13%).
By the end of 2024, Banco BBVA led the market in terms of total credit cards issued, with a 20.82% share, ahead of Banco Galicia (12.06%), Banco Nación (9.55%), Banco Provincia (8.90%), and Banco Macro (7.39%). Together, these five institutions accounted for 64% of the market.
The debit card market showed a slightly different configuration. Banco Nación maintained its dominance with a 24.3% share, followed by Banco Provincia (13.3%), Banco Macro (8.3%), Banco Galicia (7.2%), and Naranja Digital (7.2%). These five competitors collectively controlled 59% of the market.
When it comes to credit card financing volume, Banco Galicia led with a 16% market share, followed closely by BBVA and Santander Argentina with 13% each. Banco Nación held 12%, while Banco Macro secured 8%, giving the top five players a combined 61% share in this high-margin segment.
The landscape of Argentina’s card market was further transformed by two major M&A operations. Banco Itaú Argentina was acquired by Banco Macro in 2023 and subsequently integrated into the Macro brand through the full merger with Banco BMA, completed in November 2024. Clients of the former BMA now operate entirely under Banco Macro.
Additionally, Banco Galicia acquired HSBC Argentina in December 2024. All branches and employees of HSBC are now part of the Galicia Group and operating under the new brand “Galicia Más.” The operational integration is expected to be finalized in 2025.
As Argentina’s payment ecosystem continues to evolve, ongoing shifts in market leadership and the impact of macroeconomic variables will remain key factors for industry stakeholders to monitor.