In September, Interoperable QR Payments, which allows any digital wallet in Argentina to pay in multiple stores, hit a new record. The official figures show that this system enabled 3.15million payments to be made, with cryptocurrency-based transactions being offered by Bitso.
Argentina gains ground for interoperable QR payments
Latam’s unique economic features have made it a great place to develop innovative payment and savings technologies. In Argentina, interoperable QR payments are gaining momentum. These payments use codes to move funds and make use of a mobile or internet device.
These are denominated “interoperable” due to the fact that the network provides its functionality to traditional banks and digital wallets, allowing all actors to be involved in the payments ecosystem. Coelsa, the system which receives and routes payments, reported that September’s QR payments reached 3.15million, the highest figure since November 2021.
This is an increase in transactions compared with the August transaction of less than 3 million. It also shows that there are still opportunities for countrywide growth through this type of payment.
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The gap between QR and traditional cards payments is narrowing, even though they are more secure than QR. QR payments represent 17%, while classic card payments reach 48%. It has been a positive change for the system that contactless cards payments have made it possible to make transactions fast and easily.
According to Mercado Pago who was one of the pioneers of this technology, five million people are capable of using QR payment and 1.3million companies have been paid this type of payment at minimum once. The adoption of QR payments can be beneficial for users who use cryptocurrencies.
Bitso, an Latam cryptocurrency exchange announced that it will be offering in-app QR payment in Argentina starting September. It allows users to keep their purchasing power safe from inflation while also allowing them to pay crypto using one platform.
However, there are also other platforms that use cryptocurrency payments with cards in the country, and those can be associated with Mercado Pago’s app. It will let the user choose with which cryptocard to pay and link these to cryptocurrency.
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