CREDIT & DEBIT CARD MARKET IN ARGENTINA RESEARCH REPORT
The first half of 2025 brought a contrasting dynamic to Argentina’s card payments market, revealing divergent trends between debit and credit usage as households and businesses continued adjusting to persistent inflationary pressure and evolving digital channels. Debit card activity contracted sharply in volume but grew in nominal value, while credit cards expanded across both metrics, reinforcing their role as a key financial tool in a high-inflation environment.
Between January and June 2025, the number of debit card transactions fell to 1.1 billion, marking a steep 14% year-on-year decline from the 1.30 billion recorded in the same period of 2024. Despite this reduction in activity, the total amount transacted in pesos rose significantly to AR$26.6 trillion, a 43% annual increase compared with AR$18.6 trillion one year earlier. This nominal growth reflects the strong inflation component embedded in the value of transactions and does not necessarily indicate real expansion in consumption. The combination of fewer transactions but higher nominal volumes suggests that consumers consolidated purchases, made fewer low-ticket operations, or shifted spending to alternative means of payment.
In contrast, credit cards showed a more robust performance. The total number of transactions reached 1.051 billion in the first half of 2025, up 16% from 911 million in the previous year. The value of these transactions jumped to AR$51.2 trillion, an 87% increase compared with AR$27.3 trillion in the first half of 2024. As with debit cards, a significant portion of the nominal surge is attributable to inflation; however, the simultaneous rise in the number of transactions indicates a real shift in consumer behavior toward greater reliance on credit. In an inflationary context, credit cards continue to provide short-term financing, installment options, and liquidity management, reinforcing their strategic role within households’ financial planning.
The distribution of credit card spending channels underscores the growing relevance of digital payments. Between January and June 2025, eCommerce accounted for 34% of transaction value, POS and QR payments at 41%. Automatic debits represented 12% of total credit card spending, while other channels comprised the remaining 13%. The rising share of QR and eCommerce reflects ongoing digital adoption and the expansion of merchant acceptance networks across the country.
Competition within the cards market intensified during the period, with notable shifts in market share. Banco de Galicia y Buenos Aires led the gains in debit card market share with a 1.68-point increase, followed by Naranja Digital with 0.24 points, Santander 0,11,nd Brubank with 0.10 points each, and Banco Ciudad with 0.09 points.
In credit cards, Galicia again posted the strongest market share gain, significantly outperforming all competitors. It was followed by BNA, REBA, Banco de Corrientes, Ualá Bank and Banco Columbia among others. Galicia’s simultaneous leadership in both debit and credit expansions highlights the strength of its multi-product strategy thanks to the acquisition of the former HSBC business.
Market leadership remained concentrated. In credit cards, the five largest issuers—BBVA Argentina, Banco Galicia, Banco Nación, Banco Provincia, and Banco Macro—collectively held 61% of customers. A similar level of concentration was observed in debit cards, where Banco Nación, Banco Provincia, Banco Galicia, Naranja Digital, and Banco Macro together also captured 61% of the market. In credit card financing volumes, the top ten institutions accounted for 86% of total market share, led by Banco Galicia, followed by Banco Nación, BBVA, Santander, Banco Provincia, Banco Macro, ICBC, Banco de Córdoba, Banco Patagonia, and Banco Ciudad. This high level of concentration reflects the scale advantages of larger banks and their ability to sustain broad customer bases, diversified portfolios, and risk management capabilities.
The first half of 2025 ultimately paints a picture of a payments ecosystem in transition. While debit card usage contracted in real terms, credit cards strengthened their position as a central instrument for consumption and liquidity, amplified by inflationary dynamics and the continued digitalization of financial services. The strong competitive performance of leading banks and fintech-enabled issuers further illustrates the ongoing reconfiguration of the market. As macroeconomic conditions evolve, the cards sector will remain a key indicator of consumer confidence, financial inclusion, and digital transformation within Argentina’s broader financial system.