Payment in Argentina New Entrants and Disruptors Analysis¶
New Entrants and Disruptors¶
The Argentinian payment industry has experienced significant disruption and the entry of new players, fundamentally altering the value chain landscape. These new entrants and disruptors, largely driven by technological innovation and supportive regulatory frameworks, have challenged the dominance of traditional banks and reshaped how payments are initiated, processed, and accepted.
Fintech companies, such as Mercado Pago, Ualá, Modo, and Naranja X, represent a major wave of new entrants and disruptors. Mercado Pago, as a fintech super-app, has become a dominant force, particularly in the digital wallet space and QR code payments. [Value Chain Analysis], [Market Players Analysis] It disrupted the traditional model by offering easy account onboarding (CVU), a widely accepted digital wallet, and simple payment acceptance solutions (MPOS, QR codes) for individuals and small merchants, areas traditionally less served by banks. [Value Chain Analysis] Ualá, another prominent fintech, focuses on financial inclusion by offering accessible digital banking and payment services centered around a prepaid card and mobile app, attracting a large user base and challenging traditional card issuance and banking services. [Market Players Analysis] Modo, backed by a consortium of banks, emerged to provide an interoperable digital wallet solution, directly competing with Mercado Pago and encouraging the use of bank-linked accounts (CBU/CVU) for payments, promoting A2A transfers. [Value Chain Analysis] Naranja X, while linked to a traditional financial group, operates with a fintech model, aggressively issuing digital accounts and cards and offering a mobile-first financial management platform, disrupting traditional card issuance and consumer finance. [Market Players Analysis]
These fintechs primarily disrupt the Account & Instrument Provision, Payment Initiation & Authorization, and Acceptance & Merchant Services steps of the value chain. They introduce new account types (CVU), innovative initiation methods (QR codes, in-app payments), and accessible merchant acceptance tools, directly competing with traditional banks (Issuers, Acquirers) and POS providers. Their agility, focus on user experience, and often lower fee structures (especially for A2A QR) put pressure on established players. [Value Chain Analysis]
Beyond fintechs focused on consumer and merchant interfaces, Getnet Argentina, an acquirer owned by Banco Santander, is a significant challenger in the Acceptance & Merchant Services step. [Market Players Analysis] By rapidly deploying modern acceptance solutions like softPOS and Tap-to-Phone and aggressively competing for merchants, Getnet is disrupting the historical duopoly in the acquiring market (Prisma/Payway and Fiserv/FirstData), increasing competition and potentially influencing merchant discount rates (MDRs). [Value Chain Analysis], [Porter's Six Forces Analysis]
Furthermore, regulatory actions by the Banco Central de la República Argentina (BCRA), particularly the Transferencias 3.0 initiative, act as a significant disruptive force across multiple steps. [Value Chain Analysis] By mandating interoperability for immediate transfers and QR code payments between different providers (banks and fintechs), Transferencias 3.0 directly impacts the Scheme Management & Network Operation, Clearing, and Payment Initiation & Authorization steps. [Value Chain Analysis] It levels the playing field, promotes A2A payments as a viable alternative to cards, and reduces friction in the ecosystem, forcing all players to adapt to a more open and interconnected environment.
The impact of these new entrants and disruptors is evident in the surging volumes of immediate transfers and QR code payments, the growing adoption of digital wallets, and the increased competition observed in the acquiring and issuing markets. [Value Chain Analysis] While established players like Prisma and Fiserv remain strong in processing and traditional acquiring, the ecosystem is clearly shifting due to the influence of these dynamic new forces and the regulatory push for a more digital and inclusive payment system.
Impact of New Entrants and Disruptors on the Value Chain¶
| Value Chain Step | Impact of New Entrants and Disruptors (Fintechs, Getnet, Transferencias 3.0) |
|---|---|
| Payment Initiation & Authorization | Disruption: Introduction of new initiation methods (QR code scanning, in-app payments via digital wallets) and increased convenience. [Value Chain Analysis] Impact: Increased volume of immediate transfers and wallet-based payments. [Value Chain Analysis] |
| Transaction Processing | Disruption: Fintechs build or use alternative processing rails for wallet/A2A payments, bypassing traditional card processors for some transactions. [Value Chain Analysis] Impact: Shift in processing volumes and potential pressure on traditional processor business models. |
| Clearing | Disruption: Transferencias 3.0 and the growth of A2A payments increase the volume of transactions cleared through real-time or near-real-time mechanisms (COELSA). [Value Chain Analysis] Impact: Increased importance and volume for clearing houses handling immediate transfers. |
| Settlement | Disruption: Increased volume of immediate transfers necessitates efficient intraday liquidity management for participating financial institutions settling via the BCRA's MEP. [Value Chain Analysis] Impact: Higher demands on settlement infrastructure and liquidity management. |
| Scheme Management & Network Operation | Disruption: Emergence of new 'schemes' or hubs for A2A and QR interoperability (Transferencias 3.0 Hub managed by entities like COELSA, Interbanking) challenging the sole dominance of traditional card networks for digital payments. [Value Chain Analysis] Impact: Increased focus on interoperability and competition among network operators. |
| Account & Instrument Provision | Disruption: Fintechs (Mercado Pago, Ualá, Naranja X) offer accessible digital accounts (CVU) and issue prepaid/virtual cards, expanding financial inclusion beyond traditional bank accounts (CBU) and card issuance. [Value Chain Analysis], [Market Players Analysis] Impact: Diversification of available payment instruments and account types. |
| Acceptance & Merchant Services | Disruption: Fintechs provide easy-to-use, often lower-cost, digital acceptance tools (QR codes, MPOS) for merchants, particularly SMEs. [Value Chain Analysis] Getnet increases competition in traditional acquiring with new technologies. [Market Players Analysis] Impact: Increased competition among acquirers/PSPs, pressure on MDRs, expansion of the digital acceptance network, especially at the 'long tail' of merchants. |
| Regulation & Oversight | Disruption: The rise of fintechs and new payment methods necessitates evolving regulatory frameworks to ensure stability, consumer protection, and fair competition, bringing more players under BCRA oversight. [Value Chain Analysis], [Porter's Six Forces Analysis] Impact: Increased regulatory complexity and focus on interoperability and consumer protection. |
| Technology & Infrastructure Provision | Disruption: Fintechs and new players drive demand for modern, agile technology solutions (cloud-based platforms, mobile development, AI for fraud). [Value Chain Analysis] Impact: Increased innovation and competition among technology providers serving the payment industry. |
References¶
Banco Central de la República Argentina. Sistemas de Pago. https://www.bcra.gob.ar/SistemasDePago/Sistemas-de-pago.asp Banco Central de la República Argentina. Medios de pago electrónico. https://www.bcra.gob.ar/PublicacionesEstadisticas/Medios_pago_electronico.asp COELSA. Cámaras Electrónicas de Compensación. https://www.coelsa.com.ar/ Latam Fintech Hub. “Paytechs, los nuevos eslabones clave de la cadena de valor…” https://latamfintech.io/blog/paytechs-los-nuevos-eslabones-clave-de-la-cadena-de-valor-en-los-pagos-digitales/ Infobae. “Fuerte cambio en los medios de pago: las transferencias inmediatas…” https://www.infobae.com/economia/2024/12/19/fuerte-cambio-en-los-medios-de-pago-las-transferencias-inmediatas-de-dinero-aumentaron-casi-50-en-2024/ Americas Market Intelligence. “E-commerce en Argentina: estadísticas y datos 2023.” https://americasmi.com/es/blog/e-commerce-argentina-estadisticas/ rankingslatam. Mercado de Tarjetas de Crédito y Débito en Argentina. https://rankingslatam.com/mercado-tarjetas-credito-debito-argentina-rankings/ BOLETIN OFICIAL REPUBLICA ARGENTINA. Comunicación BCRA “A” 7769/2023. https://www.boletinoficial.gob.ar/detalleAviso/primera/287697/20230517 OECD. “Competencia, Fintechs y Open Banking en Argentina.” https://www.oecd.org/daf/competition/Session%20I%20Competition,%20Fintechs%20and%20Open%20Banking%20in%20Argentina.pdf Visa Press Release. “Visa establece operaciones en Argentina.” https://visa.la/about-visa/newsroom/press-releases/nr-la-ar-20231121.html Mordor Intelligence. Argentina Payments Market Report. https://www.mordorintelligence.com/es/industry-reports/argentina-payments-market Getnet Argentina. Actividades Prohibidas. https://www.getnet.com.ar/storage/documentos/principales/getnet-actividades-prohibidas-uso.pdf Marval, O'Farrell & Mairal. “Nuevas medidas de interoperabilidad para pagos con QR.” https://www.marval.com/publicacion/se-amplia-el-universo-de-proveedores-de-servicios-de-pagos-regulados-y-se-establecen-nuevas-medidas-de-interoperabilidad-para-pagos-con-qr-14832 BCRA. Informe de Inclusión Financiera. https://www.bcra.gob.ar/Pdfs/Comunicaciones/Informe%20de%20Inclusion%20Financiera.pdf Argentina.gob.ar. pago electrónico. https://www.argentina.gob.ar/tema/economia/pago-electronico Argentina.gob.ar. Competencia, Fintech. https://www.argentina.gob.ar/cncd/competencia-fintech rankingslatam. Mercado de Tarjetas de Crédito y Débito en Argentina - Rankings a Diciembre de 2024. https://rankingslatam.com/mercado-tarjetas-credito-debito-argentina-rankings/ Infobae. Fuerte cambio en los medios de pago: las transferencias inmediatas de dinero aumentaron casi 50% en 2024. https://www.infobae.com/economia/2024/12/19/fuerte-cambio-en-los-medios-de-pago-las-transferencias-inmediatas-de-dinero-aumentaron-casi-50-en-2024/ Infobae. La Argentina es el país de América Latina donde más se usan las billeteras digitales para pagar en los comercios. https://www.infobae.com/tecno/2024/12/04/la-argentina-es-el-pais-de-america-latina-donde-mas-se-usan-las-billeteras-digitales-para-pagar-en-los-comercios/ Economía Solidaria. Argentina aumentó a casi 200 millones de cuentas CBU+CVU en 2024. https://www.economiasolidaria.com.ar/noticias/economia-solidaria/argentina-aumento-a-casi-200-millones-de-cuentas-cbu-cvu-en-2024