Fintechs Boom With Cash-Loving Argentines Stuck at Home
- Fintechs taking off as demand for accounts surges amid virus
- ‘Change we expected over years is happening in weeks:’ Ualá
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In Argentina, where cash is king, a strict lockdown to halt the spread of the coronavirus is finally pushing suspicious consumers into formal banking and online payments.
Before quarantines began March 20, more than half of all Argentines didn’t have a bank account. Many people -- scarred from decades of hyperinflation, seizures and devaluations -- instead preferred to make everyday payments in person and in cash. But now that they’re forced to stay home, demand for credit cards, new accounts and wallet apps has surged.