Bitso, the most popular cryptocurrency exchange in Latin America, has now released a crypto QR payment system on its app just for Argentine consumers.
Argentina Gets Bitso, a Crypto QR Payment System
Bitso’s mission is to promote the use of digital assets as the leading crypto service provider in Latin America and the Caribbean (LATAM). Meanwhile, in an effort to increase trading volume, the exchange is concentrating on the Argentine cryptocurrency market.
Therefore, Bitso just released its first universal QR payment system in Argentina. Because of the increasing prevalence of mobile devices, the cryptocurrency exchanges in Argentina are working to increase awareness and use of cryptocurrency payments.
Bitso users in Argentina can use their Peso, stablecoin, or token balances at any merchant that accepts QR payments.
Bitso, on the other side, will convert crypto tokens and issue Pesos to the retailers, taking care of the currency conversion rates.
Exchange officials also hope to roll out the new program to additional global marketplaces. In light of the widespread use of QR payments in Argentina, the country was selected as the pilot.
According to Bitso, 59% of Argentines had used QR payments in the previous 12 months. But only 34% of people in the LATAM region have actually utilized the payment mechanism.
The Merger of Financial Planning and Payment
The already devastated South American economy is struggling under the weight of rising inflation rates. The CPI in Argentina hit nearly 80% last month. This ranks near the top throughout Latin America. The CPI is expected to rise above 100% by year’s end, according to projections.
Many Argentines now use stablecoins as a form of payment due to the ongoing devaluation of the country’s fiat currency as a result of political instability.
However, the goal of the exchange is to get Argentines to use its payment system alongside cryptocurrency savings. By eliminating the need for direct cash transactions, Bitso hopes to hasten the widespread adoption of its interoperable payment solution.
Santiago Alvarado, Bitso’s senior vice president of products, said the program is meant to protect Argentines from economic downturns.
Indications of Cryptocurrency Adoption in Latin America
By supporting the payment methods already in use by locals, many cryptocurrency exchanges have successfully attracted new users. Many Latin American and Caribbean citizens, according to surveys, are keen to invest in Bitcoin as a means to improve their economic prospects.
In a similar vein, the region is the most optimistic about cryptocurrency. As a result, Latin Americans present a massive opportunity for the cryptocurrency business to win over their trust.
The fact that most people have been let down by the centralized financial system is what makes the shift possible. Nonetheless, there is still a lot to do to improve the crypto exchange customer experience. The users want a payment system that is quick, secure, and trustworthy.
Meanwhile, certain Latin American governments have shown limited results in adopting cryptocurrencies. When compared to other countries, Brazil has the highest rate of cryptocurrency adoption. Meanwhile, one approach to increase the adoption of cryptocurrency in LATAM is to incorporate it into the regional payment infrastructure.