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Bitso, a Mexico-based, Latam-focused cryptocurrency exchange, has launched an initiative aimed at allowing Argentines to use crypto for their daily purchases. The exchange is introducing QR payments directly in its app, which will be interoperable with other platforms that already use this payment method in Argentina.
Bitso, one of the largest exchanges in Latam, with more than 5 million customers, is expanding its focus on payments in Argentina. The exchange has launched one of the first interoperable QR payment systems of its kind in the country, hoping to attract more Argentines to use crypto as payment.
Argentine customers of the exchange will be able to use their balances in Argentine pesos, stablecoins, bitcoin or ether to pay at one of the merchants who have enabled QR code payments. Depending on the currency, Bitso will manage exchange rates to exchange these cryptocurrencies and deliver Argentine pesos to the seller.
Bitso aims to expand this initiative to other countries, but Argentina was chosen as the first due to the very high level of use of QR payments. According to the company, 59% of Argentines have used QR payments in the past year, compared to 34% in Latam. For Argentina, these figures are expected to reach more than 80% next year.
Argentina is currently battling the negative effects of high inflation levels in its economy. The country recorded a consumer price index (CPI) of almost 80% in August, one of the highest in the region. Estimates estimate that the CPI will exceed the 100% mark in December.
The devaluation of the national fiat currency as a result of political unrest has also led Argentines to seek refuge in stablecoins. However, Bitso wants the Argentines to combine the savings tool of crypto with the payment options to facilitate use and avoid manual exchange when paying.
Santiago Alvarado, senior vice president of product at Bitso, stated:
This is a particularly important product offering for Argentina, as it provides users with protection against 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 activated gradually for all Argentine customers 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.
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