Use electronic money That is a record in November, with a 31.4 percent of total deposits given the private sector, and the number of 23 historic brands in two years. The report accompanying UDE Link's measurements states that, in line with the new monetary policy that limits, in November money demand fell again.
"But the use of electronic money by the Red Link entity group reached a record 31.4 percent of the total bank deposits seen in the financial system", Indicated writing. So, I rose five percentage points compared to the previous year, when it rose to 251,829 million pesos.
The truth is that the total transactions of all electronic payment channels rose in the last month of 2018, 26.7% YoY, to almost 365 million pesos. From the physical and legal side, with an average of slightly more than 690 pesos per operation, I increased by a little more than 12 percent in just one year.
In November, 23 records were exceeded in the UDE Link component: number of transactions through channels; relationship with total deposits; number of operations; transactions through home and cellular banking; use of electronic wallet; Cellular Links; and electronic card users, among others.
Regarding the use of electronic money, it is detected that users pay for electricity, water and gas services along with national taxes, telephone and credit cards. The most dynamic growth was observed in the banking company segment which doubled in 20 months to 256,463 transactions, while in the physical group, the increase was more moderate, which was 22.1 percent.
In the case of physical persons, the operating profit and time and saving reliability of the electronic payment system have been captured, the most significant use, in the number of transactions, is in accordance with electricity, gas and water; for taxes charged to AFIP; to the telephone; and credit card. They are followed by city tax; other national and provincial taxes; and cable TV operators.
It is important to remember that the Institute for Argentine Social Development (IDESA) considered last week that the "shock" of banking through the massive use of electronic money could be a fundamental factor in achieving a reduction in the level of corruption and reducing tax evasion.