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Debit Cards Market in Argentina - 2023.03 Rankings


Debit Card issuers in Argentina
Ranking of highest quarterly growth in market share
Debit Card issuers in Argentina Ranking of highest quarterly growth in market share
The use of debit cards in Argentina has shown a significant increase in the first quarter of 2023, according to the data published by the Central Bank of the Republic of Argentina (BCRA). The number of debit cards in circulation (with and without recurring use) reached 75.8 million, which represents a growth of 0.4% compared to the previous quarter and 13.1% compared to the same period of the previous year.
The transactions made with debit cards also registered an increase in both quantity and amount. Between January and May of 2023, 939 million operations were carried out with debit cards, 15.1% more than in the same period of 2022. The total amount of these transactions was 4,460 billion pesos, which implies an increase of 105.6% year-on-year.
However, it must be taken into account that an important part of the nominal growth of the amount measured in pesos is due to the effect of inflation, which according to the INDEC was 48.8% in this months. Therefore, the real increase in consumption with debit cards is lower than what the market figures reflect.
Regarding the market share of debit card issuers, the ranking is led by Banco de la Nación Argentina, with 33.52% of the total cards. They are followed by Banco de la Provincia de Buenos Aires, with 10.57%, Banco Galicia, with 6.92%, Banco Macro, with 6.75%, and Banco Santander Argentina, with 6.36%.
The debit card market in Argentina shows a positive trend, driven by the greater banking of the population, the digitalization of payment methods and the advantages that debit cards offer over cash. However, it also faces challenges such as high inflation, competition from other financial instruments (eWallets and cash) and the rigid regulation of the sector.