Payment in Argentina Market Players Analysis¶

Products and Services¶

This report details the top 10 key players in the Argentinian payment industry based on the provided data, outlining their main products and services and analyzing available information regarding their volume and revenue trends in 2024 and early 2025.

Mercado Pago (MercadoLibre): As the fintech arm of MercadoLibre, Mercado Pago offers a comprehensive suite of payment and financial services. Its core products include a widely used digital wallet, online payment processing solutions for e-commerce and other businesses, and mobile payments via QR codes. Additionally, it provides accounts with investment features and credit services, demonstrating an expansion into broader financial offerings. Global Total Payment Volume (TPV) for Mercado Pago reached $197 billion in 2024, alongside 11.4 billion total payment transactions. Acquiring TPV was $142 billion globally in the same period. The significant growth in Mercado Pago's credit portfolio in Argentina in 2024 indicates a positive volume trend in lending. Net revenue for Mercado Pago globally reached $8.6 billion in 2024, contributing significantly to MercadoLibre's overall revenue of $21 billion. Q1 2024 saw Mercado Pago revenue at approximately US$1.84 billion.
Fiserv: A global technology provider, Fiserv has a significant presence in Argentina's payment infrastructure, primarily through its merchant acquiring and processing services. Their solutions support various parts of the payment value chain for both merchants and financial institutions. While specific volume data for Argentina is not detailed, their global Merchant Solutions segment experienced strong organic revenue growth in 2024. Fiserv's total adjusted revenue globally was $19.123 billion in 2024, with GAAP revenue at $20.456 billion. The company noted that Argentina's contribution to segment-level reported revenue growth was expected to shift from a positive influence in 2023 to a negative one in 2024 due to macroeconomic factors.
Visa Inc.: Visa is a major global network facilitating electronic fund transfers, with a strong presence in Argentina through its branded credit, debit, and prepaid card products. Visa provides the essential network and infrastructure for processing card transactions, partnering with financial institutions for card issuance and with acquirers for merchant acceptance. Global payment volumes processed through Visa's network reached $16 trillion in fiscal year 2024, with 234 billion total transactions processed globally. Payment volumes increased by 8% and cross-border volumes by 13% in Q4 FY24 globally, indicating a clear growth trend in transaction volumes. Visa's global net revenue was $35.9 billion in fiscal year 2024, with net income of $19.7 billion.
Mastercard Incorporated: Another global technology company in the payments industry, Mastercard operates a significant payment processing network in Argentina, competing with Visa. They offer a range of payment solutions, including credit, debit, and prepaid cards, along with related technologies and services that connect consumers, merchants, banks, and governments. In Q1 2025 globally, Mastercard's gross dollar volume was up by 9%, and cross-border volume saw a strong surge of 20% in Q4 2024 globally. Contactless payments also showed significant adoption, accounting for 73% of in-person switched transactions globally in Q1 2025. These figures demonstrate a positive trend in transaction volumes and the adoption of newer payment methods. Mastercard's global net revenue for the full year 2024 reached $28.2 billion, with net income of $12.9 billion, reflecting strong revenue growth.
Grupo Financiero Galicia: This is one of Argentina's leading financial groups, encompassing Banco Galicia and the fintech Naranja X. Banco Galicia provides traditional banking and payment services like accounts and cards, while Naranja X offers digital financial solutions, including digital accounts, cards (Visa, Mastercard, American Express), and a mobile app for payments and financial management. Specific transaction volumes for the entire group's payment activities were not detailed in the provided data. Grupo Financiero Galicia reported revenue of AR$ 6.91 trillion in 2024. Interest income specifically related to Naranja X amounted to AR$ 1,530,302 million for the year ended December 31, 2024, highlighting Naranja X's contribution to the group's revenue.
Banco Santander Argentina: A major international bank with a substantial presence in Argentina, Santander operates its acquiring business, Getnet, within the country. They provide comprehensive banking services and, through Getnet, offer payment processing and merchant solutions enabling businesses to accept electronic payments. Santander's global Payments division, PagoNxt (which includes Getnet), is a strategic focus and handled billions of transactions monthly and hundreds of billions of Euros in payment volume in 2024 globally/regionally. Getnet processes millions of monthly transactions for e-commerce in Latin America, with 171 million reported for Latam e-commerce. Banco Santander Argentina's trailing 12-month revenue as of December 31, 2024, was $5.49 billion. The broader Banco Santander Group's total income was €62.2 billion in 2024 globally, with the Payments (PagoNxt) division contributing €1,240 million in revenue in FY'24 globally/regionally, indicating growth in their payment business.
BBVA Argentina: A significant banking institution in Argentina, BBVA offers a range of financial products and services, including various payment solutions as part of its traditional banking operations. They are involved in the national electronic payment ecosystem and are mentioned in relation to platforms like MODO and Interbanking. Specific payment transaction volumes for BBVA Argentina were not provided in the available data. BBVA Argentina's net income was AR$ 357.7 billion in 2024, with operating income reaching AR$ 1.20 trillion in the first half of 2024.
Prisma Medios de Pago S.A.: Historically a dominant entity in Argentina's card payment market, Prisma has been integral to the country's payment infrastructure. [Note: Information primarily from prompt, limited detail in searches] It has been involved in acquiring (through platforms like Posnet and Lapos), processing, and managing payment schemes. While specific recent volume and revenue figures for 2024 were not found in the provided search results, its historical position suggests significant transaction volumes. The company has undergone changes due to regulatory efforts aimed at increasing competition. [Note: Context from initial prompt]
Naranja X: The fintech arm of Grupo Financiero Galicia, Naranja X is a major issuer of credit and prepaid cards and a provider of digital financial services in Argentina. Its offerings include digital accounts (CVU), credit, debit, and prepaid cards (Visa, Mastercard, American Express), and a mobile application for financial management, payments, and transfers. Evolving from the traditional Tarjeta Naranja, it plays a key role in the adoption of digital wallets and prepaid cards. While specific transaction volumes processed directly by Naranja X were not detailed, it tracks monthly active payers and merchants. Interest income related to Naranja X was a substantial AR$ 1,530,302 million in 2024, contributing significantly to Grupo Financiero Galicia's revenue.
Ualá: A prominent Argentine fintech, Ualá provides a digital banking and payment platform centered around a prepaid Mastercard. Its mobile application enables users to make online and in-store purchases, transfer money, pay bills, and access other financial services such as investments and loans, with a focus on financial inclusion. Ualá has experienced rapid user growth and is one of the most used digital wallets in Argentina. It has over eight million users across Argentina, Mexico, and Colombia. While specific transaction volumes were not available, its growing user base indicates increasing transaction activity. Ualá secured significant funding in late 2024, reflecting market confidence in its growth trajectory. Its revenue is generated through transaction fees, interchange fees, and potentially interest from credit/loans.

Comparative table showing the growth/decline in volume and revenue by their main products and services¶

Player Name	Main Products/Services	Volume Trend (Growth/Decline/N/A)	Revenue Trend (Growth/Decline/N/A)	Volume (Specifics 2024/2025 if available)	Revenue (Specifics 2024/2025 if available)
Mercado Pago	Digital Wallet, Online/Mobile Payments, Merchant Services, Credit	Growth (Credit portfolio, TPV)	Growth (Overall revenue)	TPV $197bn (Global 2024), TPN 11.4bn (Global 2024), Acquiring TPV $142bn (Global 2024)	Net Revenue $8.6bn (Global 2024), MercadoLibre Total $21bn (Global 2024), Q1 2024 ~US$1.84bn
Fiserv	Merchant Acquiring, Payment Processing, Financial Institution Solutions	Growth (Global Merchant Solutions)	Mixed (Global Growth, Argentina Headwind)	N/A (Argentina specific details not provided)	Adjusted Revenue $19.123bn (Global 2024), GAAP $20.456bn (Global 2024)
Visa Inc.	Card Network (Credit, Debit, Prepaid), Transaction Processing	Growth (Payments, Cross-border)	Growth	Volume $16trn (FY24 Global), 234bn transactions (FY24 Global), 8% Payments Growth (Q4 FY24 Global)	Net Revenue $35.9bn (FY24 Global), Net Income $19.7bn (FY24 Global)
Mastercard Inc.	Card Network (Credit, Debit, Prepaid), Payment Solutions	Growth (GDV, Cross-border, Contactless)	Growth	GDV up 9% (Q1 2025 Global), Cross-border up 20% (Q4 2024 Global), 73% Contactless (Q1 2025 Global)	Net Revenue $28.2bn (FY2024 Global), Net Income $12.9bn (FY2024 Global), 16% Revenue Growth (Q4 2024 Global)
Grupo Financiero Galicia	Banking Services, Digital Financial Services (Naranja X)	N/A (Specific payment volumes)	N/A (Specific payment revenue trend)	N/A (Specific payment volumes not detailed)	AR$ 6.91 trillion (2024 Group Revenue)
Banco Santander Argentina	Banking Services, Payment Processing, Merchant Solutions (Getnet)	High Volume (Getnet, PagoNxt)	Growth (Payments division)	Getnet 171M monthly transactions (Latam E-commerce), PagoNxt billions monthly transactions	$5.49bn (Trailing 12m as of Dec 2024), Santander Group Total €62.2bn (2024 Global), PagoNxt €1.24bn (FY24 Global/Regional)
BBVA Argentina	Banking Services, Electronic Payment Ecosystem Participation	N/A	N/A	N/A (Specific payment volumes not provided)	Net Income AR$ 357.7bn (2024), Operating Income AR$ 1.20trn (1H 2024)
Prisma Medios de Pago	Merchant Acquiring (Posnet, Lapos), Transaction Processing, Payment Schemes (Historical)	High Volume (Historical)	N/A	Historical large volumes (Recent specifics not available)	N/A (2024 Specific revenue not found)
Naranja X	Digital Accounts, Cards (Credit, Debit, Prepaid), Mobile App, Payments, Transfers	N/A (Specific transaction volumes)	High Revenue Stream within Group	N/A (Specific transaction volumes not detailed), Tracks active payers/merchants	Interest income AR$ 1,530,302 million (2024)
Ualá	Digital Banking/Payment Platform, Prepaid Cards, Transfers, Bills, Investments, Loans	Growth (User Base)	Potential Growth (Funding)	Over 8M users (Latam), 3rd most used digital wallet (Arg)	N/A (2024 Specific revenue not provided), Revenue from fees/interest

References¶

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