Neobanks of Argentina (ENG)

La tarjeta que va con vos, como el mate y medialunes

– A card that’s always with you, like mate and croissants

part 1

LATAM Fintech: From Insights to Product Solutions

"Elevator pitch"

I conducted a study of digital banks in Argentina and collected user data (n=57).
I found a gap: widespread use of wallets (Mercado Pago), but an unaddressed “international” need and low trust in the systems.
I developed solutions: “light entry,” Lock-Dashboard, and an AI assistant for transparency and value.

Context and Problem

The market is strong in wallets and e-commerce ecosystems, but it doesn’t cover cross-border needs or flexible multi-currency use.
Users want to get started quickly without paperwork, and trust in the systems is fragile.
Conclusion: a newcomer needs a clear entry point, early value demonstration, and transparency.

My Role and Focus

Role: Initiator and author of the research, synthesizing user data + competitor analysis + product vision development.
Focus: Onboarding/verification, the “first value” moment, cross-border/crypto cases, trust/transparency.
Basis: Personal experience living in Argentina and using fintech services + expertise in product design.

Research Goal

Obtain verifiable insights on the behavior of residents/expats (survey + cross-analysis).
Identify drop-off points in onboarding/verification and formulate UX hypotheses.
Align solutions with the market: where wallets dominate and where the “international” aspect is a pain point.

Key Figures

Systemic distrust: if I don’t trust banks, I don’t trust fintech either

57

Took part in the survey
52.6%

Actively use Mercado Pago
56.4%

Use crypto
59.3%

Want to register without documents

part 2

Audience and Context

Market Context

Argentina = a unique mix: hyperinflation, currency controls, strong local wallets.
Mercado Pago = the standard for business, but doesn’t solve international needs.
Neobanks (Brubank, Ualá) = provide licenses and accounts, but are weaker in multi-currency.
Expats and residents seek quick onboarding, trust, and flexibility.

Audience

Migrants and expats building their lives in LATAM.
Freelancers / self-employed (42.1%).
Residents aged 34–40 = main segment.
Almost half are active in crypto (not “just the youth”).
General pattern: demanding, compare and test services.

Your age?

Your status at the time of the survey?

Do you have a business or entrepreneurial activity in Latin America?

Jobs-to-Be-Done

Receive and send international transfers (especially to Russia/China/USA)
Store currency (ARS/USD) with minimal risk
Pay for everyday purchases (QR, online, offline)
Use crypto as a “safety net” and for transfers
Launch business payments (acquiring, accounts)

Pains and Barriers (Insights)

Overloaded KYC and forms at the start → user drop-off.
Hidden value (card comes “somewhere later”).
Distrust: if they don’t trust banks, they don’t trust fintech either.
Language barrier (Spanish only → difficult entry for expats).
Fragmented ecosystems = users forced to juggle multiple apps.

Part 3

Map of Players

Super-app embedded in marketplace, payments, and lending for everyone

Mercado Pago

Strengths:

Mass adoption and trust: associated with the largest marketplace in LATAM.
Convenient QR payments online and offline.
Wide product range: loans, investments, acquiring.

Weaknesses:

Strong lock-in to the Mercado Libre ecosystem.
Conservative UX compared to neobanks.
No crypto in Argentina, limited multi-currency support.

Mass-market digital bank, card + loans, focused on youth

Ualá

Strengths:

Super-app: card, transfers, loans, and investments in one place.
Accessible investments (starting from 1 peso).
Ualá Bis — payment solution for small businesses.

Weaknesses:

Weak multi-currency (falls behind Prex).
Less brand recognition compared to Nubank or Mercado Pago.
Dependence on Argentine regulation.

Full bank: deposits, loans, investments, all about reliability

Brubank

Strengths:

Full banking license (CBU + CVU).
Dollar accounts and cards.
Strong UX/UI in the mobile app.

Weaknesses:

No physical network, difficulties with cash.
Limited loan products.
Only Argentina, no regional expansion.

Multi-currency wallet, cross-border transfers in LATAM, for expats

Prex

Strengths:

Free account and instant virtual card.
Dual currency (ARS/USD) and cross-border transfers.
Convenient for travel, simple onboarding.

Weaknesses:

No full-fledged loans or investments.
Different features in different countries → no unified ecosystem.
Less brand recognition outside Uruguay/Chile.

Payments and cards for global services, focused on cross-border

AstroPay

Strengths:

International payments where local cards don’t work.
Fast issuance of virtual and physical cards.
Multiple funding options (cash, crypto, transfers).

Weaknesses:

Not a full bank → no deposits or utility payments.
Weak integration with local services.
Fees and exchange rates higher than competitors.

60+ fintechs, over 35M virtual wallets — more than bank accounts

Other players

Many players duplicate the functions of Mercado Pago and Ualá → little uniqueness.
Crypto and international transfers remain a gray zone, with almost no systemic solutions.
Nubank (90M+ clients in LATAM) is actively eyeing the market.
Prex and Uruguayan/Chilean players are already expanding their presence.
Revolut plans to acquire Cetelem Argentina — a local bank owned by BNP Paribas — to enter the Argentine market with a banking license.

What’s important to know about Mercado Pago

Mercado Pago is no longer just a wallet/financial service

It’s a payment provider and wallet, part of the Mercado Libre ecosystem, with functions including: wallet, card, QR payments, loans, investments, acquiring, and P2P.
Crypto is only available in Brazil, Mexico, and Chile through partners (Paxos, Ripio). In Argentina — not available.
High security level: data protected by encryption and tokenization, with two-factor authentication and anti-fraud mechanisms.
Mercado Libre is expanding its fintech business in Argentina and launching its own Mastercard credit card, available in both digital and physical form (plastic for offline payments).

Mercado Libre is no longer just a wallet/fintech service — it’s moving into direct competition with banks and fintechs: first with the card, and likely with full banking functionality next.

Comparison Tables

Part 4

Insights and Opportunities

Survey results + cross-analysis

Mercado Pago = the business standard, but doesn’t cover international transfers.
Crypto is mainstream: used by both younger and older users (34+).
Transfers are needed by everyone, regardless of status (resident / in process / expat).
Systemic distrust: “if I don’t trust banks → I don’t trust fintech.”
Main segment: residents aged 34–40, freelancers, using both banks and crypto.

Which fintech or neobank apps do you use most often?

Which financial products do you use regularly?

Opportunities

International transfers = main demand, but not covered by players.
Onboarding is overloaded, no “light entry.”
Card is hidden → no sense of value at the start.
No transparent progress → “face control” instead of trust.
Little multilingual support → barrier for expats.

What features are missing in your current bank or fintech app?

Which features would be critical for you if you were choosing a new banking app?

Which of these international transfer options are most interesting to you?

Are transfers to/from other countries (including outside Latin America) relevant for you?

Part 5

Crypto in the Argentine Market

as of September 2025

Crypto: Market Insights

56.4% of users actively use crypto (not only young people).
For residents aged 34–40, crypto = just another tool, like a card.
Ualá and Brubank, as banks, are limited by regulation → no crypto.
AstroPay and Prex support crypto top-ups, but they are wallets, not banks.
Bottom line: demand exists, but supply remains in the “gray zone.”

AstroPay ≠ Bank

Not directly subject to BCRA restrictions.
International jurisdiction → operations run through a global platform.
E-wallet format → crypto top-ups are treated as “fund deposits,” not a banking service.

UX-Flow

Crypto account opening

UX-Flow

Conversion to fiat currency

Part 6

UX Scenarios

How competitors do it and what can be improved

Onboarding (entry into the product)

Ualá → one screen: log in or register.

Pro: super fast.
Con: no explanation of value.

Brubank → clean screen, “features” hidden.

Pro: minimalism.
Con: product value not obvious.

Prex / AstroPay → multiple screens with benefits.

Pro: detailed presentation.
Con: overload, some users just skip.

Registration

Some require only a phone number.
Others require both phone and e-mail right away.
Each step is accompanied by confirmation codes → creating a long chain: phone → code → e-mail → code.

Conclusion:

Pro: high security.
Con: inconvenient and time-consuming, user loses motivation.

👉 My solution: “light entry” → phone + SMS, instantly showing “what’s inside,” without overload and without emptiness.

Verification (KYC)

All players → document photo + selfie.

Pro: meets requirements.
Con: boring process, feels like “face control.”

👉 My solution: Lock-Dashboard. The user instantly sees the full functionality, but locked. Verification = a clear step toward “unlocking value.”

Form / KYC Add-ons

Competitors: long questionnaires right at the start.
Problem: frustration, high drop-off.

👉 My solution: move part of the questions “to later,” once the user is already engaged. + An AI assistant explains why this data is needed.

Why this questionnaire at all?

It’s not a whim — it’s a regulatory requirement in LATAM.

KYC / AML (Know Your Customer / Anti-Money Laundering)
The bank needs to confirm the client is a real person, not a “phantom” for cashing out.

Tax reporting
Income and status data help the bank avoid regulatory fines.

Risk profile
Based on income and employment, the bank decides which products to offer (e.g., loans, limits).

Bonus Scenario

Card Ordering

Ualá / Brubank / AstroPay / Mercado Pago

Card is “hidden”: can only be ordered after full verification.
Card preview often missing → user doesn’t see “tangible value” at the start.
Brubank: card issuance is paid (~8000 ARS).
Con: the card doesn’t motivate users to complete KYC, perceived as “just another bureaucratic step.”

Prex

Offers card ordering already during onboarding.
Creates the effect of “here’s your physical product, take it.”
Con: for some users this feels like an “extra step,” since KYC still lies ahead.

Hypothesis

My Solution

Virtual card right after light entry → can start paying immediately.
Physical card shown in the Lock-Dashboard (preview) with a lock: “Order and unlock after verification.”
Ordering = not “bureaucracy,” but part of engagement: design choice, free delivery, first cashback.
KYC framed as “a logical step so we can deliver your card.”

👉 UX pattern: the card = a trigger to complete KYC, not a reward “into nowhere.”

Card Unboxing

Mercado Pago

Ualá

Brubank

Prex

AstroPay - Messi

AstroPay

My UX Hypotheses

1/3

Light Entry

Registration via phone + SMS without full KYC.
Part of the form and documents requested later, once engagement is higher.
Transparent progress bar: “start → done.”

2/3

Lock-Dashboard

Right after sign-up, the user sees all functionality (balance, cards, crypto wallet).
Everything is visible but locked until verification.
This motivates users to complete KYC without the feeling of a “black box.”

3/3

AI Assistant + Multilingual Support

Chatbot during onboarding: highlights features, answers questions, gamifies the process.
Language support (ES, EN, RU) → lowers the barrier for expats.
Additional value after verification: Cashflow Copilot, Anomaly Shield, FX Smart Window.

Part 7

Design Concept

Vision

Three core values the product is built around:

Security and Trust (regulation, transparency).
Global Reach (fiat + crypto, transfers).
Personalization (residents, expats, SMB).

Onboarding (Light Entry)

Single screen: phone + SMS code.
No forms at the start.
Progress visible right away: “Start → Done.”
AI assistant appears immediately: “Want to see what’s inside?”

What registration methods are acceptable for you?

Which features would be critically important for you if you were choosing a new banking app?

Unlock-Dashboard

After verification, the dashboard “comes alive.”
All functions are active: multi-currency accounts, crypto wallet, transfers, cards.
The first “wow” moment = the feeling of a full-fledged bank.

AI Assistant (Concept)

Cashflow Copilot: forecasts and advice
→ –30% fraud in transfers

Anomaly Shield: transfer protection
→ +10% on-time payments for SMBs

FX Smart Window: best exchange rate
→ +0.5–1.0 pp to FX margin

SMB Advisor: support for businesses and expats
→ 24/7 WhatsApp assistance

How do you manage your finances today?

Which features are most important to you in a banking/fintech app?

Part 8

Final

What does this give the user?

Quick start without paperwork (light entry).
Early access to value (Lock-Dashboard).
Transparency of steps and trust in the process.
Ability to manage fiat and crypto in one place.
Personalization for residents, expats, and SMBs.

What does this give to business and the market?

Differentiation from clones → reimagined experience, not copy-paste.
More engaged users (fewer drop-offs during onboarding).
New level of transparency → competitive advantage.
Covering “international” and crypto → a segment the market has underestimated.
Ability to scale through AI assistant and paid subscriptions.

My Role and Conclusion

Collected insights from real user experience (surveys + interviews).
Systematized the market and identified key pain points.
Developed design hypotheses and visualized concepts (onboarding, dashboard, AI).
Conclusion: the market is saturated, but whoever brings new experience and transparency will capture the niche.