Cryptocurrency Exchange Bitso Launches Interoperable QR Payments in Argentina

Bitso is one of the largest exchanges in Latam with over 5 million customers. It now focuses on payments in Argentina. The exchange launched the first interoperable QR payments system in Argentina, in an effort to encourage more Argentines using crypto to pay.

Customers from Argentina will be able use their balances in Argentine pesos or stablecoins to pay at merchants that have QR codes activated. Bitso will exchange these cryptocurrencies at the right exchange rate and send the merchant Argentine pesos depending on the currency.

Bitso plans to expand the initiative to other countries. Argentina was chosen as the first country to adopt QR payments due to its high adoption rate. According to Bitso, 59% of Argentines used QR payments last year, compared with 34% in Latam. These numbers will likely rise to more than 80% for Argentina next year.

Combining savings with payments

The adverse effects of high inflation in Argentina are currently being felt. The country had a Consumer Price Index of almost 80% in August. This is one of the highest CPIs in the region. Projections predict that the CPI may exceed 100% in December.

Argentines have also taken refuge in stabilitycoins after the currency’s devaluation due to political turmoil. Bitso however wants Argentines combine the savings utility and payments capabilities of crypto to make it easier to use and avoid manual exchange.

Santiago Alvarado is the senior vice president of Bitso’s product department.

This product is a crucial offering for Argentina because it protects users from adverse economic factors like currency devaluation and inflation. Bitso’s mission is to make crypto more useful, in addition to providing financial opportunities to users.

All Argentine customers will see the product activated slowly starting September 27.