By the close of September 2025, Argentina’s debit and credit card market showed a sharp contrast between transactional behavior and nominal monetary growth, reflecting both changes in usage patterns and the strong impact of inflation on peso-denominated figures.
Debit Card usage
Debit card usage experienced a notable contraction in activity. Between January and September 2025, debit cards were used in 1.630 billion transactions, down from 1.917 billion in the same period of 2024, implying a year-on-year decline of 15% in the number of transactions. Despite this reduction in activity, the total value of debit card transactions reached AR$ 40,611 trillion, compared to AR$ 30,690 trillion a year earlier, resulting in a 32.3% nominal increase.
Credit Card usage
Credit cards followed a different trajectory. Transaction volumes increased from 1.397 billion operations in January–September 2024 to 1.591 billion in the same period of 2025, representing a 13.9% year-on-year expansion. In value terms, credit card transactions rose from AR$ 46,994 trillion to AR$ 78,656 trillion, a surge of 67.4%. As with debit cards, a significant portion of this nominal growth is explained by inflation, although the positive variation in the number of transactions also suggests a strengthening role for credit as a payment and financing instrument.
The structure of credit card spending in 2025 underscores the diversification of usage channels. E-commerce accounted for 35% of total transaction value, while POS and QR-based payments represented the largest share at 40%. Debits contributed 12% of the total, and other channels accounted for the remaining 13%. This distribution reflects the coexistence of traditional in-store consumption with the continued expansion of digital commerce and automated payment solutions.
Competitive Dynamics
Competitive dynamics in credit card financing show both concentration and selective gains in market share. On a quarterly performance basis, Banco BBVA Argentina led growth in market share for credit card financings, gaining 0.59 percentage points, followed by Banco Santander Argentina with 0.39 points and Banco de la Nación Argentina with 0.38 points. Banco de la Provincia de Buenos Aires and Banco de Corrientes completed the top five, each with more moderate gains. In terms of absolute volume of credit card financings, the market remains highly concentrated, led by Banco de Galicia y Buenos Aires, Banco de la Nación Argentina, BBVA Argentina and Banco Santander Argentina, alongside Banco de la Provincia de Buenos Aires, Banco Macro, ICBC Argentina, Banco de la Provincia de Córdoba, Banco de la Ciudad de Buenos Aires and Banco Patagonia. Together, these ten institutions account for 86% of total credit card financing volume.
In debit cards, competitive gains were more fragmented. Banco de Formosa posted the highest increase in market share by number of debit cards, gaining 0.19 percentage points, followed by Banco Santander Argentina, Banco de la Ciudad de Buenos Aires and Banco de la Nación Argentina, with Banco Supervielle closing the top five. For credit cards by number of cards, Banco de la Nación Argentina led growth with a 0.31-point gain, closely followed by BBVA Argentina at 0.28 points, while ICBC Argentina, Nuevo Banco de Santa Fe and Ualá Bank also recorded positive, though smaller, advances.
From a customer base perspective, leadership remains concentrated among large national and private banks. BBVA Argentina, Banco de Galicia y Buenos Aires, Banco de la Nación Argentina, Banco de la Provincia de Buenos Aires and Banco Macro together control 61% of all credit card customers. A similar level of concentration is observed in debit cards, where Banco de la Nación Argentina, Banco de la Provincia de Buenos Aires, Banco de Galicia y Buenos Aires, Banco Macro and Naranja Digital jointly manage 61% of the total market.
Overall, the Argentine card payments market at September 2025 reflects a complex balance between declining debit activity, expanding credit usage and strong nominal growth driven largely by inflation.
For banks and financial institutions, the data emphasizes the importance of interpreting peso-based growth figures with caution, while closely monitoring shifts in consumer behavior, channel mix and competitive positioning in an increasingly concentrated yet dynamic market.