Bitso, a Latam-focused, Mexican cryptocurrency exchange has created an initiative that allows Argentines the ability to use crypto in their daily transactions. QR payments are now available directly within the app of Bitso, which can be used with all other platforms that use this type of payment in Argentina.
Bitso Wants to Increase Crypto Payments in Argentina
Bitso, the most popular exchange in Latam with over 5 million users, has shifted its focus to Argentina. In an effort to encourage more Argentines using crypto for payment, Bitso launched the nation’s first interoperable QR-payment system.
Customers from Argentina will be able use their balances in Argentine pesos or stablecoins to buy bitcoins and ether at merchants with QR code payments. Bitso, depending on the currency used to purchase these cryptocurrencies will handle exchange rates and send Argentine pesos back to the merchant.
Bitso plans to extend this program to other countries. Argentina was chosen as the first country to adopt QR payments due to its high adoption rate. The company claims that 59% of Argentines used QR payments last year, compared with 34% in Latam. These numbers will likely rise to more than 80 percent for Argentina next year.
Combine Savings with Payments
High inflation in Argentina is causing severe economic problems. In August, Argentina registered an almost 80% Consumer Price Index (CPI), which is one of the highest levels in the region. According to projections, the CPI could rise above the 100 mark by December.
Argentines have also sought refuge in stablecoins after the currency’s devaluation due to political turmoil. Bitso hopes that Argentines will combine the crypto savings utility with its payment capabilities in order to simplify use and eliminate manual exchange while paying.
Santiago Alvarado (senior vice president product, Bitso) stated:
It is a very important product for Argentina because it offers protection against adverse economic conditions such as currency devaluation and inflation. Bitso has a mission: to make cryptocurrency useful.
Beginning September 27, all Argentine customers can activate the product gradually.
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