The use of electronic money It was a record in November, with 31.4 percent of the total private sector deposits and 23 historical brands in two years. The report accompanying the measurement of UDE Link argues that, in line with the new restrictive monetary policy, demand for money fell again in November.
"But the use of electronic money by the group of persons from the Red Line reached a record of 31.4 percent of the total bank deposits in sight in the financial system", they cited the writing. So, I went up to five percentage points compared to a year earlier, when it reached 251,829 million pesos.
The truth is that the total transactions of all electronic payment channels have increased in the last month of 2018 by 26.7 percent year on year, to almost 365 million pesos. By natural and legal persons, with an average of just over 690 pesos per one operation, I rose slightly more than 12 percent in just one year.
In November, 23 entries were exceeded in the components of UDE Link: the amount of transactions through channels; ratio of total deposits; number of operations; transactions of domestic banking and mobile; use of an electronic wallet; Cellular connection; as well as users of electronic cards, among others.
Regarding the use of electronic money, it is determined that consumers pay electricity, water and gas services together with national taxes, telephone and credit cards. The most dynamic growth was registered in the segment of banking companies, which doubled by 20 months to 256,463 transactions, while in the group of individuals the increase was moderately, from 22.1 percent.
In the case of natural persons, where the operational advantages and time savings and security of the electronic payment system are captured, the most significant uses in the number of transactions correspond to electricity, gas and water; taxes levied on AFIP; on the phone; and credit cards. They were followed by municipal taxes; other national and provincial taxes; and TV cable operators.
It is important to remember that the Institute for Argentine Social Development (IDESA) last week thought that the "shock" of banking through massive use of electronic money could be a basic factor for achieving a reduction in corruption levels, as well as reducing tax evasion.