Bitso is a Mexico-based cryptocurrency exchange that operates in Latin America. The company has launched an initiative that allows Argentineans to use crypto for everyday purchases. Bitso has introduced direct QR payments in Argentina, which are interoperable with other platforms already using this payment method in Argentina.
Bitso Seeking to Drive Crypto Payments in Argentina
One of the largest exchanges in Latin America is Bitso. It has over 5 million customers. Bitso’s focus is on payments in Argentina. The exchange will launch one of Argentina’s first interoperable QR payment systems. The aim is to attract more Argentines to use cryptocurrencies as payment.
Argentinian customers can use their balances in Argentine Pesos, Stablecoins, and Bitcoin, to pay for a merchant that has enabled QR code payments., Bitso manages exchange rates to exchange these cryptocurrencies and deliver Argentine pesos to merchants.
Bitso plans to expand this initiative to other countries. Argentina was chosen first as it has a high acceptance of QR payments. In Argentina, 59% were using their QR payment last year. Latin America’s percentage of QR payments was 34%. For Argentina, these figures are expected to reach over 80% in the next year.
Combining Savings With Payments
Currently, Argentina is suffering from the harmful effects of high inflation. The country’s consumer price index (CPI) was nearly 80% in August. This is one of the highest in the area. The consumer price index is expected to exceed 100% in December.
The devaluation of the country’s fiat currency following political unrest has prompted Argentines to seek refuge in stablecoins. Bitso hopes to make it easier for Argentineans to combine cryptocurrency savings. This comes with payment features, avoiding manual exchanges when making payments.
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