Virtual wallets and contactless payments are gaining popularity in Argentina, with technology companies such as Google and Apple leading the way. The technology behind this form of digital payment is Near Field Communication (NFC), which allows data transfer between compatible devices within a short range. This feature is available in certain cell phones with NFC technology, enabling users to make mobile payments and transfer files between devices seamlessly.
NFC works by generating an electromagnetic field between devices, ensuring fast and secure data transfer. In addition to NFC, virtual wallets also offer added security and simplicity for users to manage their money and make transactions seamlessly. These platforms include MODO and Mercado Pago, which are still in development stages but are expected to revolutionize the way Argentinians make payments in the near future.
Virtual wallets have become increasingly popular as they eliminate the need for cash or card insertion into a payment terminal, making transactions quick and convenient. With virtual wallets, users can load their debit or credit cards onto their devices and make contactless payments by simply tapping their smartphones on compatible terminals. This technology offers a convenient and efficient way to make financial transactions in stores and online.
