Bitso Launches New Cryptocurrency QR Payment Tool In Argentina

Bitso will start rolling out a new QR code payment tool in its wallet app on September 27. The feature will allow Bitso wallet users to pay with crypto at physical stores via QR codes from Mercado Pago, Modo and others authorized by Argentina’s central bank. 

As Argentina’s economy is being battered by inflation, Bitso will soon introduce a new QR code payment tool in its wallet app that will enable customers to pay with cryptocurrency at a variety of supermarkets, eateries, and other stores throughout the nation. This will give consumers an alternative to using the peso. This will be beneficial in curbing the country’s inflation.

Starting on September 27, members of the cryptocurrency exchange with a focus on Latin America, which has more than a million users in Argentina, will gradually be given access to the QR code option.

In Argentina, where inflation is approaching 80% compared to last year and the purchasing value of the peso is falling, the QR codes give customers another way to save money in cryptocurrencies and spend it in actual stores.

The Bitso wallet software will be able to scan the QR codes that are present in many stores in Argentina and present customers with the choice of purchasing using U.S.-dollar pegged stablecoins, the Dai stablecoin, ether, bitcoin, or Argentine pesos. At the time of purchase, Bitso will then automatically convert the cryptocurrency for the merchant into Argentine pesos.

QR codes are a popular payment method in Argentina. The country has the highest rate of QR code usage in Latin America, local economic publication El Cronista reported in August, citing data from the Mastercard New Payments Index. 

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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