Bitso will allow users of its application throughout the region to pay for their purchases with cryptocurrencies through a QR code when they are in Argentina. This is one of the most common payment methods in the country, similar to PIX in Brazil. The new facility allows foreign visitors to pay in cryptocurrencies and also avoids having to exchange foreign currency for Argentine pesos at exchange houses.
The travel industry has returned to growth after a slump in recent years: Google searches for places to travel in Latin America have increased by 113% this year. Regarding the adoption of cryptocurrencies, Latin America ranks as the seventh largest market, according to a study by Chainalysis, and 78% of Latin Americans prefer contactless payment methods after the pandemic. Given this context, and the fact that the use of QR is a very common means of payment in Argentina (59% of people have used it this year, compared to 34% of the regional average), the country becomes the first where Bitso offers the service.
“We are offering tourists from all over the world the possibility to pay with cryptocurrencies in Argentina, using one of the most widely adopted payment methods in the country.”, said Santiago Alvarado, senior vice president of products at Bitso. Most restaurants, supermarkets and general stores accept QR payments. “By enabling this product for foreigners who visit Argentina, we are helping your money not lose value. Now travelers will no longer need to go to an exchange house to obtain Argentine pesos in cash and will be able to pay with cryptocurrencies in seconds, with a contactless experience and the ease of using their cell phone.he added.
To make a QR payment in Argentina through the app, the foreign visitor can choose between digital dollars (USD stablecoins), bitcoin (BTC), ether (ETH) or DAI. After choosing the cryptocurrency, Bitso automatically converts with the best exchange rate and then pay the merchant in local currency.
Debut in the region
At the end of September, Bitso launched the cryptocurrency QR payment solution for Argentines, which allows local users to pay with their balance in the Bitso app by scanning the QR of other payment companies enabled by the Central Bank.
In addition, in May of this year, the company activated the Bitso+ function, which allows an annual return of up to 8% on the balance in eligible cryptocurrencies, protecting the purchasing power of users in the country.
How to pay in crypto by QR from Bitso?
In the upper right corner of the Bitso application, clicking on the green QR button opens the camera, allowing you to scan the code displayed in the store of any payment company authorized by the Central Bank. To complete the purchase. You must choose the currency in which you want to pay, the amount to pay and the application converts instantly. The merchant receives payment in pesos, as with any electronic wallet.
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