Digital wallets: which ones pay the most after the government's rate hike to contain the dollar

Interest rates returned to the center of the Argentine financial scene after the national government implemented a series of measures to curb the dollarization of portfolios . Economy Minister Luis Caputo 's decision to adjust the interest rate path triggered an immediate readjustment by the main virtual wallets and fintech platforms, which reacted with rate increases to attract users and protect savings against inflation.

July's inflation figure was 1.9%, according to INDEC (National Institute of Statistics and Census) . Although the figure clearly decelerated compared to previous peaks, the real yield of peso-denominated instruments remains key for those seeking to avoid the loss of purchasing power. In this context, digital wallets began offering nominal annual rates (NAR) that match or exceed this percentage on a monthly basis, making interest-bearing accounts and mutual funds (FCI) an increasingly competitive tool compared to traditional bank term deposits.

According to the mid-August survey, these are the TNAs offered by the main digital platforms:

• Fiwind : 35% (up to $750,000)
• Cocos (FCI RM) : 31.97%
• Prex Argentina (FCI MM) : 31.46%
• Personal Pay (FCI MM) : 31.43%
• Mercado Pago : 30.5%
• Ualá (Remunerated Account) : 30% (up to $1,500,000)
• Claro Pay (FCI MM) : 30.33%
• Orange X : 29% (up to $800,000)
• Brubank : 28% (up to $750,000)
• Lemon Cash (FCI MM) : 27.53%

In all cases, these are nominal annual returns. Translated into monthly returns, many of these options reach or exceed 2%, i.e., above July's inflation. Added to this is the possibility of withdrawing funds immediately (in the case of interest-bearing accounts) or within 24/48 hours (in Money Market Funds), which provides a flexibility not offered by traditional fixed-term deposits.

At the same time, the country's major banks continue to offer higher annual rates: Banco Nación, for example, maintains an annual percentage rate of 44%. However, these deposits require immobilizing the funds for at least 30 days and do not allow early withdrawal, which reduces their appeal to users who prioritize liquidity or anticipate market movements.

Therefore, while fixed-term deposits remain useful for those seeking predictability and low risk, virtual wallets are gaining ground as a more flexible option. Furthermore, many apps set limits on the balances on which they pay interest. This leads some users to divide their funds across more than one app to maximize returns.

The government's new strategy seeks to contain pressure on the dollar by encouraging the use of local currency instruments. Following the exchange rate jump in July (+13%), authorities reinforced the signals to avoid a complete pass-through to prices . The rate hike aims to restore the appeal of saving in pesos, especially at a time when nominal stability is seen as a key condition for sustaining economic recovery.

Caputo's goal is to avoid a new run, paying special attention in the run-up to the September elections and consolidating the path of low inflation without neglecting the demand for money. In this context, digital wallets play a central role as a containment instrument . They retain deposits, offer liquidity, compete with traditional banking, and contribute to financial stability.