Bitso is the first crypto app that allows you to pay in this way in the country and region.
In the midst of the boom in payments with QR and in the face of the great interest of Argentines in cryptocurrencies, the Bitso platform has launched the option that allows you to pay with the balance in cryptocurrencies in physical and virtual stores, simply by scanning a code from the mobile phone.
The application has been integrated with the interoperable system promoted by the Central Bank, so that its users can use this option regardless of the trader’s portfolio. In this wayBitso has become the first crypto wallet in the country and region to enable payments in physical stores with cryptocurrencies.
The function, which will be available for the company’s one million users in the country from next Tuesday, will allow it to automatically “exchange” digital dollars, bitcoin, Ether or DAI for pesos at the time of the transaction. purchase and the amount is instantly credited to the seller’s account.
“We are used to thinking of crypto as a medium to long-term savings option. But now, with this launch, Argentinians can live in crypto. By adding a QR payment solution to our platform, we allow Argentinians to protect themselves from inflation and devaluation, and to spend in crypto on a daily basis, with the best exchange rate available in the country,” Julián explained. Colombo, Head of Public Policy. by Bitso.
Colombo pointed out that it was chosen to reach the payments world with this feature due to the high penetration of QR usage in the country. According to an index recently compiled by Mastercard, 59% of Argentinians have used QR payments in the last year, compared to an average of 34% in the region, and 83% expect to pay with QR next year, well above Latin America’s 63%.
For now, users will be able to choose between a basket of digital dollars (USD stablecoins), bitcoin (BTC), Ether (ETH) or DAI cryptocurrencies. As explained in the company, once the balance you want to use to pay is chosen, an automatic conversion is made to Argentinian pesos with “the best exchange rate” and then the payment is made to the merchant.
They clarified that if you choose to pay directly in pesos, no fees apply.
The company already has 5 million users worldwide. 20% are based in Argentina. “It is a fundamental country for Bitso. We believe that in this way we can combine experience: Bitso users could already invest their crypto at 8% per year and now they can use whatever they want from this balance to pay for their day-to-day operations,” Columbus said.
Beyond this mass of users, Bitso is betting on a market that, as they argue, still has some way to go. According to a recent company study, 8 out of 10 Argentines know or have heard of cryptocurrencies.
“A few years ago, it was obvious that the cryptocurrency industry was mostly a small sector that understood how it works in order to ‘invest’ skillfully. Today, we see that the adoption of crypto increasingly occurs among a more diverse profile of users and who seek to meet different needs, especially to protect their assets,” said Julián Colombo, head of public policy at Bitso.