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Worldpay to begin operations in Argentina before year-end

U.K.-based Worldpay Group plc will begin operations in Argentina before the end of 2017, La Nacion reported, citing Juan Pablo D'Antiochia, general manager of Worldpay Latin America.

For its Argentine operations, the card payment processing firm is looking to adopt the platform it presented in Brazil last year, due to the similarities in terms of "the preference for quotas and the use of coupons" in both countries, the report said.

"I cannot name more central banks that are at the forefront of innovation than ours," D'Antiochia said, referring to the central bank of Argentina. "It regulated to five years how tariffs and the exchange rate compensation will be moved. In a country like Argentina, having this predictability is invaluable," he added.

Other factors playing into Worldpay's decision to enter Argentina are the high penetration of cellular phones in the country, a degree of banking in urban spaces that is close to the European average and a very high volume of online shopping.