Bitso, the leading cryptocurrency platform in Latin America, with more than 5 million users, launches its crypto-enabled QR code payments system in Argentina — a first for the region.
This new service allows Bitso’s more than one million customers in Argentina to make everyday payments from the Bitso app at any store that accepts QR code payments. If users choose to make a payment with cryptocurrency, an automatic conversion to Argentine pesos will be made through the Bitso app at an optimal exchange rate. The payment will then be sent to the merchant. If the payment is made directly with pesos, no charge applies.
“This launch is a testament to our proactive approach to creating crypto-based financial products that are useful in people's daily lives while providing a solution to the challenges inherent in the financial landscape of Latin America,” said Santiago Alvarado, Senior Vice President of Product at Bitso. “This is an especially important product offering for Argentina as it provides users protection from the adverse economic factors such as inflation and currency devaluation. In addition to increasing financial opportunities for users, Bitso is fulfilling its mission to make crypto useful.”
Argentina will be the first country where QR payments are available. Bitso targeted this market in particular due to exceptionally high adoption rates of QR codes as a payment method. According to the Mastercard New Payments Index, 59% of Argentinians have used QR payments in the last year, compared to the 34% regional average. In addition, 83% of people expect to pay with QR codes in the next year, well above the average in Latin America, which is 63%.
The new function will be enabled progressively for Argentinean customers starting on September 27, 2022.