Mexico-based cryptocurrency exchange Bitso has introduced a crypto-powered QR code payments service in Argentina.
The service is designed to enable Argentine consumers to use crypto for their day-to-day transactions. Currently, Bitso caters to over one million consumers in Argentina.
Using the service, consumers will be able to make transactions from their Bitso app at outlets that accept QR code payments.
The interoperable service can be used with other platforms that are now employing this mode of payment in the country, stated the firm.
It facilitates transactions in Argentine pesos, stablecoins, bitcoin or ether. Based on the currency, Bitso will automatically convert the exchange rates into pesos, which will be received by the merchant.
The crypto exchange has selected Argentina as the first country to launch the new service due to the high rates of QR codes payments carried out in the country.
Bitso senior VP of product Santiago Alvarado said: “This launch is a testament to our proactive approach to creating crypto-based financial products that are useful in people’s daily lives while providing a solution to the challenges inherent in the financial landscape of Latin America.
“This is an especially important product offering for Argentina as it provides users protection from the adverse economic factors such as inflation and currency devaluation.
“In addition to increasing financial opportunities for users, Bitso is fulfilling its mission to make crypto useful.”
It is estimated that 59% of Argentinians used QR payments last year, compared to the 34% used in Latin America.
Furthermore, more than 80% of the people in the region are expected to transact with QR codes next year.