Bitso launches in Argentina the first crypto payments with QR codes in LatAm
Argentina will be the first country in Latin America to use cryptocurrency payments via QR codes. Bitso is the first crypto platform to allow this type of payment in Latin America, and the company chose Argentina to launch the product.
With over 5 million users, Bitso is one of the leading cryptocurrency exchange companies in Latin America. The launch of QR code payments on its platform is part of Bitso’s strategy to create cryptocurrency-based financial products that people can use every day.
Bitso launched this new product in Argentina as it is the country with the highest adoption of QR payments in the region. According to Mastercard’s Payments Index study, almost 60% of Argentines paid via QR codes last year, and 83% plan to do so next year. This figure is significantly lower outside of Argentina: on average, 34% of Latin Americans use QR payments. According to Santiago Alvarado, Senior Vice President of Products at Bitso:
“The case of Argentina is extremely important because a product with these characteristics will help people protect themselves from adverse conditions facing their economy, such as inflation and currency devaluation.”
Bitso’s system is interoperable, meaning customers can pay by scanning QR codes from other payment companies authorized by the Argentine Central Bank. The one million Bitso users in Argentina will now be able to pay their daily expenses from their Bitso app as long as the merchant accepts QR payments.
Learn more about El Economista.