Bitso, a Mexico-based, Latam-focused cryptocurrency exchange, has launched an initiative aimed at getting Argentines to use crypto for their everyday purchases. The exchange is introducing QR payments directly in the app, which will interact with other platforms that use this payment method in Argentina.
Bitso wants to drive Crypto payments in Argentina
Bitso, one of the largest exchanges in Latham with over 5 million customers, is expanding its focus on payments in Argentina. The exchange has launched one of the first QR payment systems of its kind in the country, hoping to get more Argentinians to use crypto as payment.
Argentinian customers of the exchange can use Argentinian pesos, stablecoins, Bitcoin or Ether to pay merchants who have activated the QR code. Based on the currency, Bitso manages exchange rates to exchange these cryptocurrencies and deliver Argentine pesos to the merchant.
Bitso aims to expand this initiative to other countries, but Argentina has been selected as the very first country to accept QR payments. According to the company, 59% of Argentines used QR payments last year, compared to 34% in Latin America. For Argentina, these numbers are expected to reach more than 80% next year.
Combining savings with payments
Argentina is currently struggling with the negative effects of high inflation on its economy. The country recorded a consumer price index (CPI) of nearly 80% in August, one of the highest in the region. Forecasters expect the CPI to exceed the 100% mark in December.
Also, the devaluation of the national fiat currency due to political turmoil has caused Argentinians to seek refuge in the stable coin. But Bitso wants to integrate the Argentinian savings service with its payment capabilities to facilitate its use and eliminate manual transactions when paying.
Santiago Alvarado, Senior Vice President of Product at Bitso, said:
This is a particularly important product offering for Argentina, as this provides consumers with protection from adverse economic conditions such as inflation and currency depreciation. In addition to increasing financial opportunities for users, Bitso is on a mission to make crypto useful.
The product will be gradually activated for all Argentinian customers starting September 27.
What do you think about Bitso’s launch of QR payments that can work in Argentina? Tell us in the comments section below.
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