Bitso Introduces An Interoperable QR Payment Solution In Argentina
Latin America’s leading crypto exchange, Bitso, has announced the launch of a crypto QR payment system on its app for users in Argentina.
Bitso Launches Crypto QR Payment System in Argentina
As the largest crypto service provider in the LATAM region, Bitso aims to drive digital asset adoption. Meanwhile, the exchange focuses on the Argentine crypto space as it seeks to expand transactions.
Thus, Bitso recently launched its first interoperable QR payment system in Argentina. The exchanges hope to attract more Argentines to adopt crypto payments due to the rising use of mobile devices.
Furthermore, Bitso’s customers in Argentina can use their balance of Pesos, stablecoins, or any token to pay at any outlet with the QR payment system.
However, Bitso will handle the currency exchange rates to convert crypto tokens and issue Pesos to the merchants.
Moreover, the exchange aims to expand the latest initiative to other markets. The choice of Argentina as the first is due to its high adoption of QR payments.
Bitso noted that 59% of Argentines had experienced QR payments over the past year. In contrast, only 34% have used the payment system in the LATAM region.
Bringing Savings and Payment Together
The South American nation is battling high inflation rates in its already-battered economy. Argentina recorded a Consumer Price Index (CPI) of nearly 80% last month. This is among the highest in LATAM. Moreover, the future projection shows that the CPI may likely surpass 100% by the end of the year.
The continuous devaluation of the country’s fiat currency due to political turmoil has made stablecoins an alternative currency for most Argentines.
However, the exchange wants to convince Argentines to combine savings in crypto with its payment system. Bitso seeks to accelerate the adoption of its interoperable payment solution and avoid the manual exchange of cash for payment.
According to Bitso’s senior vice president of products, Santiago Alvarado, the initiative is geared toward shielding Argentines from adverse economic challenges.
Latin America Shows Readiness for Crypto Adoption
Many crypto exchanges have managed to sway users to their platforms by using local payment systems familiar to locals. Surveys from many LATAM countries show that people are eager to embrace cryptocurrency for a better financial future.
Likewise, the region is the most bullish on digital assets compared to others. As a result, the crypto industry has an enormous opportunity to establish deep trust with Latin Americans.
What will make the move a success is that the centralized financial system has failed most of them. However, much work is still being done to enhance users’ experience with crypto exchanges. Users are looking for a fast, reliable, and safe payment solution for their transactions.
Meanwhile, modest successes have been recorded in some Latin American countries regarding crypto adoption. Brazil takes the lead in global crypto adoption at the moment. Meanwhile, integrating crypto with the local payment system is a way to expand LATAM’s use of crypto for payment.
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