Fintech Adoption in Argentina Gets a Boost as Local Banks to Launch P2P Money Transfer App, Dimo

Banks in Argentina have reportedly launched a new peer to peer (P2P) money transfer app, called Dimo.

There are around 20 local banks that have now registered with the joint venture firm Pay Digital, which will be developing and deploying Dimo, according to an update from Contxto.

The Dimo app is expected to go live in September or October 2020. It’s being built with guidance and support from Rafael Soto, former GM at Nubank in Argentina.

The new app will feature QR codes for processing consumer and B2B payments and will also support P2P money transfers to customer bank accounts. Transfers can be made by using the recipient’s telephone number, which should make the process simpler than having to enter bank ID codes to conduct transactions (which is required by competitor Mercado Pago).

As first reported by Contxto, the Dimo app is being developed by a Fintech firm called Pay Digital, which has been established by banks based in Argentina. The Dimo digital wallet (Dinero Móvil in Spanish) aims to compete with Mercado Pago and other Fintech services providers.

Fintech adoption is on the rise in Argentina (and globally) and has been accelerated due to COVID-19 – which has led to physical business locations being shut down to prevent the further spread of the virus. This has led to a dramatic surge in online transactions.

Argentina based Fintech Ohana announced in May 2020 that it will launch a digital wallet to help locals pay for daily services via QR Codes, and also help them with easily sending money, and even settling taxes.

In December 2019, IBM teamed up with the Argentine Chamber of Fintech to support digital transformation efforts in the nation’s banking sector.

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