QR codes are one of the most common forms of payment in Argentina — 59% of Argentinians have used QR codes this year, compared with a regional average in Latin America of only 34%. The new function will let tourists travel using crypto and avoid the inconvenience associated with exchanging cash for local currency.

Argentina’s tourism industry is booming following a lull during the COVID-19 pandemic; as Google searches for places to travel in Latin America have increased by 113% this year. Cryptocurrency adoption is also on the rise, with a recent Chainalysis study ranking Latin America as the seventh largest market for adoption, and 78% of Latin Americans now report that they prefer contactless payment methods in the wake of the pandemic. Against this backdrop of tourism, crypto adoption, and contactless payments, Bitso selected Argentina as the first country to offer QR payments as a feature.

“We are offering tourists from all over the world the possibility of ‘traveling with crypto’ in Argentina, using one of the most widely adopted payment methods in the country,” said Santiago Alvarado, SVP of product at Bitso. “Most restaurants, supermarkets, and shops accept QR payments. By offering this product to foreigners visiting Argentina, we are helping them make the most of their money and time by avoiding exchanging cash for local currency and letting them make contactless crypto payments in seconds right from their phones.”

Travelers using Bitso’s QR payment service in Argentina can choose between digital dollars (USD stablecoins), bitcoin (BTC), ether (ETH), or DAI. After selecting a cryptocurrency, Bitso makes an automatic conversion using the best possible exchange rate and pays the merchant in local currency.

Regional Launch
This new solution for foreign visitors is made possible by Bitso’s September launch of its QR crypto payments service for Argentina residents. The local service lets Agentinains pay for purchases through the Bitso app by scanning the QR codes of other payment companies supported by the Central Bank. With that launch, Bitso became the first crypto company to offer QR payments in Argentina.

Bitso’s QR payments service already lets more than a million Argentinian customers ‘live with crypto,’ expanding crypto’s use beyond medium and long-term savings to let individuals pay for their daily expenses with the best exchange rate possible while protecting themselves against inflation and devaluation.

Last May, the company also enabled the Bitso+ function, which allows users to earn up to 8% annual return on their balance of eligible currencies in the application, protecting users’ purchasing power in the country.

Want to pay in crypto with QR codes?
In the upper right corner of the Bitso app, click on the green QR button to open the camera and scan the QR code displayed in the store to complete the purchase. QR codes must be from a payment company authorized by the Central Bank. Choose which currency you’d like to use and enter the sum of the purchase in the app to make the instant conversion. The merchant will receive the payment in pesos