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Home BUSINESS

A Ripple Partner, Bitso, Launches A Crypto Payment Solution In Argentina

BlockNews Team by BlockNews Team
September 29, 2022
in BUSINESS, CRYPTO, TECHNOLOGY
Reading Time: 3 mins read
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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

Yo, cada vez que pienso en la persona que me introdujo al mundo cripto😍

🫂¿Recuerdas el nombre de esa amiga o amigo que te motivó a entrarle a las criptos?

Arrobalo aquí👇🏻

— Bitso (@Bitso) September 28, 2022
Via @Bitso – Twitter

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.

Ripple uses more than a decade of sophisticated cryptographic technology. Ripple’s enterprise solutions are faster, transparent, and less expensive than traditional financial services. 

Customers use these solutions to raise cryptocurrencies. They also facilitate instant payments, strengthen their finances, reach new audiences, reduce capital requirements, and generate new revenue.

Crypto Solutions Built for Business

Companies doing business together find value when using Blockchain for business. Distributed ledger technology allows authorized participants to access the same information simultaneously. This increases efficiency, builds trust, and eliminates friction. Blockchain enables rapid size and scaling of solutions.

Most solutions can be customized to serve multiple roles in different industries. Enterprise blockchain offers these advantages based on the four unique attributes of the technology. These include;

● Consensus

● Replication

● Immutability

● Security 

Applications of Blockchain for Business

Blockchain Makes Food Safe

We all worry about food safety and freshness. What if you could translate these questions into insights into every step from farm to fork? Many companies are doing just that today, leveraging the IBM Blockchain platform to deliver IBM Food Trust™ data. They are shared and used. 

How producers, processors, distributors, and retailers can improve food safety, extend shelf life, reduce waste and expand access to shared information that affects us all. 

Blockchain Tracks Every Step of the Shipment

Think of all the things you used today. How did you get here? Today’s supply chain is a complex web of relationships, plans, systems, and data. Even the slightest mistake can cause high-impact delays.

Digitizing paperwork across the supply chain enables IBM Blockchain shippers, ports, and customs to manage documents across organizations. All this in real-time and with absolute precision.

Disclaimer: BlockNews provides independent reporting on crypto, blockchain, and digital finance. All content is for informational purposes only and does not constitute financial advice. Readers should do their own research before making investment decisions. Some articles may use AI tools to assist in drafting, but every piece is reviewed and edited by our editorial team of experienced crypto writers and analysts before publication.
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