Ypf Launched Its Digital Wallet and Is Set to Compete With Banks and Fintech.

YPF Digital (YDI), the entity responsible for managing and enhancing YPF's digital assets, is finalizing the details to turn the YPF APP into the first digital wallet of an energy company in Argentina.

Starting in April, customers will be able to gradually use the application as a payment method for services within the mobility ecosystem. With this move, the YPF APP will compete in the challenging digital wallet market.

"From YDI we are ready to transform into a digital wallet. The YPF APP has always led the market in digitizing our consumers' experience. Now, with this innovation, we once again position ourselves at the forefront of technology for the world of mobility," commented Guillermo Garat, president of YDI.

"Under a continuous improvement and rapid market entry model, we are setting the pace for the digitization of user experience," he added.

Currently, the YPF APP has established itself as a key ally in the mobility of the country's consumers. In December 2024, 420 payments per minute were recorded during peak hours, equivalent to 5.7 million transactions and more than 4.5 million active users.

Throughout the year, users made more than 60 million visits to service stations and took advantage of 20 million benefits offered by the application, available on iOS and Android.

The state oil company indicated in a statement that "the natural evolution is for the YPF APP to expand its services and broaden its digital ecosystem." With that vision, YPF has taken concrete steps in the last two years, materialized in the creation of YPF Digital, a company that seeks to manage and enhance the company's digital assets.

YDI obtained authorization from the Central Bank of the Argentine Republic (BCRA) to offer services as a payment service provider (PSP) and is currently developing various functionalities to offer its customers throughout the year.

This way, YPF reinforces its leadership in service stations and digital payments, extending its presence throughout the entire mobility value chain in the country.

This way, YPF consolidates its position in the virtual wallet market, a sector that is no longer reserved solely for fintech and banks.

The advances

In 2024, the YPF APP incorporated several functionalities that improved and personalized the user experience. Among these are biometric authentication, the elimination of the requirement to enter the CVV for each payment confirmation, a new home screen with a carousel of benefits, the incorporation of digital tipping, and the full integration of the Serviclub loyalty program.

Currently, 3.5 out of 10 payments made in the YPF network are made through digital wallets, which demonstrates the company's digital evolution.

According to the latest report from the COELSA Indicator (Compensadora Electrónica SA), in 2024 there was a 48% increase in the opening of bank and fintech accounts compared to 2023. Additionally, the report highlighted an exponential growth in QR payments, which increased by 212% year-on-year.

This way, digital wallets continue to be one of the most prominent players in the digital payments ecosystem in Argentina.

In this context, the fuel sector stood out, integrating the Top 5 in participation in payments with transfer (QR). It represented 8% of the total operations in this sector, with an increase of one percentage point in its participation only in the third quarter of 2024.