Bitso has introduced a QR payment service
Bitso, the famous cryptocurrency exchange in Latam, has launched a QR-based payments service that targets to allow travelers to pay with cryptocurrencies in Argentina.
The service tries to make the lives of tourists showing up in the country easier, by permitting them to pay for services and merchandise with cryptocurrencies at all merchants utilizing the well-known QR payments method. Bitso’s goal is to act as an integral payment service, keeping away from the problem of trading foreign currency for cash in a country like Argentina where there are more than 14 different dollar exchange rates.
Santiago Alvarado, SVP of product at Bitso, stated about this development, “Most restaurants, supermarkets, and shops accept QR payments. By offering this product to foreigners visiting Argentina, we are helping them make the most of their money and time by avoiding exchanging cash for local currency and letting them make contactless crypto payments in seconds right from their phones.”
The service will get bitcoin, stablecoins, and ether, and will make instant exchanges at the time of payment, with the counterparty getting Argentine pesos.
Bitso plans to catch a portion of the growing stream of tourists that are visiting the country after the Coronavirus quarantine season has finished. As per the organization, Latam’s tourism industry is experiencing a resurgence, with looks for spots to go in the area becoming by 113%.
Bitso can offer this functionality because of the implementation of QR payments that the organization declared in September, giving clients the capacity to pay in a massive number of stores and merchants that are already using this new form of payment. The organization incorporated this function to permit users that had been using the platform as a savings tool to pay with their cryptocurrencies, staying away from external cash exchanges.
QR payments have likewise been rising consistently in the country, arriving at a record number of more than 3 million payments made using this tool in September.
CBW - External Analyst