Tomorrow September 27The tenthRipple Bitso partner will release a file New payment solution in Argentina. The product will enable users in the Latin American country to access the region’s first QR code payment system powered by XRP and other cryptocurrencies.
Bitso is one of the largest exchanges in the region with over 5 million users. In Argentina alone, the platform has accommodated over a million customers who will be able to make QR code crypto payments in certain regions as of tomorrow. The product will be expanded to the whole country in the coming months.
Ripple and Bitso Provide New Use Cases, Argentine Customers Protect Against Inflation
According to a press release, Bitso’s new payment solution will provide its customers with a solution to remove friction and cost from the daily process of making payments. Users will be able to access the payment product by accessing the exchange’s mobile application.
According to the announcement, users will have two payment options: fiat currency or cryptocurrency. If they choose the latter, the transaction is free and processed directly in the local currency. If they decide to spend their cryptocurrency, the app will automatically convert the digital asset into local fiat currency.
This seems like a convenient alternative for people who own cryptocurrencies and are looking for a seamless and low-cost way to integrate them into their daily lives. Argentina has one of The highest inflation rate in the world close to 80% on an annual basis.
In contrast, the latest measures of US inflation, which are among the highest in decades, peaked at around 9% and currently stand at around 8%. Inflation in Argentina could reach 100% by the end of 2022, according to confirmed Reports.
In this sense, people have turned to cryptocurrencies, digital assets, and other hard assets to protect themselves from inflation and circumvent official exchange rates. Ripple’s partner, Bitso, has identified this situation as an opportunity to roll out their latest payment solution.
In addition, Bitso claims that Argentina has some of the highest rates of QR code payment adoption in the world. Data provided by the exchange claims that 59% of Argentines used QR codes for payments, and the regional average was 34%. In 2023, 83% of people expect to use this payment method.
Santiago Alvarado, Senior Vice President of Products at Bitso, said the following about their new product:
This launch is a testament to our proactive approach to creating cryptocurrency-based financial products that are useful in people’s daily lives while providing a solution to the challenges inherent in the Latin American financial landscape. This is a particularly important product for Argentina as it provides protection to users from negative economic factors such as inflation and currency devaluation.
Ripple Supports Bitso Growth in Latin America
Moreover, Alvarado claims that the new product will achieve one of Ripple’s partners’ goals: to provide new use cases and make crypto more useful. The exchange started working with the payment company in 2018 to improve the payment methods available to its customers.
Since that time, Bitso has managed to establish a foothold in Latin America becoming one of the largest liquidity providers for remittances in Mexico and other countries. In this sense, the adoption of Ripple’s On Demand Liquidity (ODL) payment solution, which leverages XRP, was critical.
In 2020, Bárbara González Briseño said the following about Bitso’s collaboration with the payment company:
We want to connect all of Latin America into a single network where everyone can transact instantaneously and cost-effectively, whenever they need to. Ripple shares our vision of using its innovative technology to create a frictionless, accessible and valuable exchange for our partners and their customers.
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