Русский
Russia’s VTB bank has launched a payment for goods and services via QR code in Argentina via a mobile phone app. When making payment for goods and services in Argentina, the funds are debited from the user’s Russian ruble account, and the bank automatically converts them into Argentine pesos.
Alexei Okhorzin, the head of VTB’s Retail Business Products Department, said that “Argentina has become the first country in Latin America where we are launching QR code payments. This direction is one of the three most popular among Russian tourists in Latin America. VTB’s technology covers almost all QR code formats found in Argentina.”
VTB has plans that the service will be expanded to ten other countries, including other countries in Latin America by the end of 2026.
VTB clients have made more than 524,000 QR code payments abroad since the beginning of the year, totaling more than ₽1.6 billion (US$20.5 million), which is many times more than in the same period last year. Most often, clients pay via QR for groceries in supermarkets, electronics, and clothing while overseas. Russians are one of the largest emerging market groups for visiting Argentina.
In 2025, bilateral trade between Russia and Argentina increased by more than 80%. Argentina’s imports from Russia reached USD$356.59 million (an increase of over 200%) due to the demand for fertilizers, steel semi-finished products, and aluminum. Argentina’s exports to Russia amounted to US$445.28 million, with agricultural products such as oilseeds (peanuts), dairy products (cheese and butter), and livestock by-products forming the basis of exports.
