Bitso, a Mexico-based, Latin America-focused cryptocurrency exchange, has launched an initiative aimed at enabling Argentines to use crypto for everyday shopping The exchange has launched a new app that allows users to make purchases directly on the exchange’s app. The exchange is introducing QR payments directly in its app, allowing it to interoperate with other platforms already using this payment method in Argentina.
Bitsoo is seeking to promote crypto payments in Argentina
Bitso, one of LATAM’s largest exchanges with over 5 million customers, is expanding its focus to payments in Argentina. The exchangelaunched one of the country’s first interoperable QR payment systemsand hopes to increase the number of Argentines using crypto as a payment.
The exchange’s Argentine customers will be able to use their Argentine peso, stablecoin, bitcoin, and ether balances to make payments at merchants that have enabled QR code payments. Depending on the currency, Bitso manages the exchange rate to exchange these cryptocurrencies and deliver Argentine pesos to the merchant.
Bitso aims to expand this initiative to other countries, and Argentina was chosen as the first country because of its very high adoption rate of QR payments. According to the company, 59% of Argentines have used QR payments in the past year, compared to 34% in Latam. For Argentina, this figure is expected to reach over 80% in the coming year.
Combined savings and payments
Argentina is currently battling the negative effects of high inflation levels in its economy. the consumer price index (CPI) in August was about 80%, one of the highest in the region. in December, it is expected to exceed 100%. It is expected to exceed.
In addition, the devaluation of the country’s fiat currency as a result of political turmoil has caused Argentines to seek refuge in stablecoin. However, Bitso hopes that Argentines will combine the crypto’s savings utility with its payment capabilities to facilitate its use and avoid manual exchange when paying.
Santiago Alvarado, Bitso’s senior vice president of products, said.
This is a particularly important product offering for Argentina, as it protects users from adverse economic factors such as inflation and currency devaluation. In addition to increasing financial opportunities for users, Bitsoo is fulfilling its mission of making crypto useful.
The product will be gradually activated for all Argentine customers starting September 27.
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