Bitso, one of the largest cryptocurrency exchanges in Latam, has launched a QR payment program aimed at travelers in Argentina. The service proposition aims to simplify the way travelers and tourists make payments in the country by using Bitso’s interoperable QR payment technology to avoid unnecessary and often confusing cash exchange transactions in the region, where there are multiple dollar exchange rates.
Bitso launches QR payment service for travelers
Bitso, one of the leading cryptocurrency exchanges in Latam, has launched a QR-based payment service aimed at enabling travelers to pay with cryptocurrency in Argentina.
The service aims to make the lives of tourists arriving in the country easier by allowing them to pay for services and goods with cryptocurrencies at all merchants using the popular QR payment method. Bitso’s goal is to serve as an integral payment service, avoiding the hassle of exchanging foreign currency for cash in a country like Argentina where there are more than 14 different dollar exchange rates.
Commenting on this development, Santiago Alvarado, SVP of Product at Bitso, said:
Most restaurants, supermarkets and shops accept QR payments. By offering this product to foreigners visiting Argentina, we help them make the most of their money and time by avoiding exchanging cash for local currency and allowing them to make contactless crypto payments in seconds directly from their making phones.
The service will receive stablecoins, bitcoin and ether, and will make instant exchanges at the time of payment, with the counterparty receiving Argentine pesos.
Bitso aims to capture some of the growing flows of tourists traveling to the country after the Covid-19 quarantine season ends. According to the company, Latam’s tourism industry is experiencing a revival, with searches for places to travel in the area growing by 113%.
QR Payment Growth
Bitso is able to offer this functionality due to the implementation of QR payments that the company announced in September, which gives users the ability to pay in a large number of stores and merchants that already accept this new form of payment use. The company included this feature to allow customers who used the platform as a savings tool to pay with their cryptocurrencies, avoiding external cash exchanges.
QR payments have also grown steadily in the country, reaching a record number of over three million payments made using this tool in September.
What do you think of Bitso’s QR payment app for tourists in Argentina? Tell us in the comments section below.
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