The crypto exchange bitso will soon launch a new payment tool with cryptocurrencies via QR Code in your wallet app at Argentina.
The app of crypto exchange allows people in the neighboring country to pay with cryptocurrencies in a variety of supermarkets, restaurants and other establishments for the Argentinaproviding an alternative to the peso as inflation hits economy from the country.
With over one million users in Argentinathe Latin American-focused crypto exchange will progressively roll out the QR Code payment option to users starting September 27.
“The idea is to make crypto more usable in more places, and to enable all citizens to live their lives in crypto when purchasing everyday services,” said Senior Vice President of Products at Crypto. bitsoSantiago Alvarado, to The Block.
QR Codes provide an additional option for Argentine consumers to save on crypto and spend when visiting brick-and-mortar stores, something especially relevant as inflation in the country approaches 80% compared to 2021, and the purchasing power of the Argentine peso drops.
many stores in Argentina already offer the option of payment with fiat currency via QR Code, and the crypto wallet app from bitso will be able to scan these codes and offer users the option to pay in stablecoins backed by the dollar, stablecoin Dai, bitcoin (BTC), ethereum (ETH) or in Argentine pesos.
bitso will automatically convert cryptocurrencies to national currency for merchants at the time of purchase.
The crypto wallet bitso will be able to scan two of the most popular types of QR Codes from payment service provider Mercado Pago and Modo, Alvarado said. The company’s app will also be able to scan QR Codes from “all central bank-approved systems,” she added.
QR Codes are a popular payment method in Argentina. The country has the highest rate of use of this code in Latin America, the local newspaper reported. El Cronista in August, citing data from the Mastercard New Payments Index.
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