bitso

Crypto exchange Bitso launches interoperable QR payments in Argentina – Bitcoin News Exchange

Bitso, a Mexico-based cryptocurrency exchange focused on Latin America, has launched an initiative aimed at allowing Argentines to use cryptocurrency for their daily purchases. The exchange offers QR payments directly in its app, which will be interoperable with other platforms already using this payment method in Argentina.

Bitso seeks to push crypto payments in Argentina

Bitso, one of the largest exchanges in Latin America, with more than 5 million clients, is expanding its focus on payments in Argentina. exchange has Launched One of the first interoperable QR payment systems of its kind in the country, hoping to attract more Argentines to use cryptocurrency as a payment method.

Argentine customers of the exchange will be able to use their balances in Argentine pesos, stablecoins, bitcoin or ether to pay at any of the merchants who have QR code payments activated. Depending on the currency, Bitso will manage the exchange rates for exchanging these cryptocurrencies and deliver Argentine Pesos to the merchant.

Bitso aims to extend this initiative to other countries, but Argentina was chosen as the first country due to the very high level of QR payments adoption. According to the company, 59% of Argentines used QR payments in the past year, compared to 34% in Latin America. For Argentina, those numbers are expected to reach more than 80% next year.

Combine savings and payments

Argentina is currently struggling with the negative effects of high levels of inflation in its economy. The country posted a Consumer Price Index (CPI) of around 80% in August, one of the highest in the region. Forecasts estimate that the CPI will exceed 100% in December.

Also, the devaluation of the national paper currency as a result of political turmoil has led Argentina to turn to stablecoins. However, Bitso wants Argentines to combine the benefit of savings in cryptocurrency with its payment capabilities to make it easier to use and avoid manual exchange when paying.

Santiago Alvarado, Senior Vice President of Product at Bitso stated:

This is a particularly important product for Argentina as it provides protection to users from negative economic factors such as inflation and currency devaluation. In addition to increasing financial opportunities for users, Bitso fulfills its mission to make crypto useful.

The product will be gradually activated for all Argentina customers starting from September 27.

What do you think about the launch of interoperable QR payments by Bitso in Argentina? Tell us in the comments section below.

Sergio Goshchenko

Sergio is a crypto journalist based in Venezuela. Describing himself as a latecomer, he got into the crypto world when the price spike occurred during December 2017. Because he has a background in computer engineering, lives in Venezuela, and is influenced by the crypto boom on a social level, he offers a different perspective on the success of crypto and how it helps people. Those who do not deal with banks are disadvantaged.

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