Bitso launches a QR code payment feature in Argentina
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Latin American crypto exchange Bitso will soon release a new QR code payment feature in its wallet app.
Bitso, one of Latin America’s leading crypto exchanges, announced that it will soon launch a new QR code payment tool in its wallet app.
The feature allows shoppers in Argentina to pay with crypto at numerous supermarkets, restaurants and other stores around the country.
Bitso said it plans to offer Argentine shoppers an alternative to the peso as the country’s fiat currency continues to struggle with inflation.
The cryptocurrency exchange has more than 1 million customers in Argentina and revealed that it will gradually start rolling out a QR code option for users there starting September 27th.
Commenting on this latest development, Bitso Product Director Santiago Alvarado said;
“The idea is to make crypto more useful in more places and let all citizens live the crypto life by buying everyday services.”
According to the crypto exchange, QR codes offer Argentine consumers an additional option to save money in crypto and spend it in physical stores. Therefore, their money is protected from inflation.
Inflation in the South American country has risen rapidly, and the inflation level has risen by 80 percent annually.
The move does not come as a surprise, as many shops in Argentina already offer the possibility to pay in fiat currency using QR codes.
Bitso’s wallet app would scan stores’ QR codes and offer users the ability to pay for goods and services with US dollar-pegged stablecoins, Dai stablecoins, Ether, Bitcoin, and Argentine pesos.
When a user selects cryptocurrencies, Bitso automatically converts the crypto to Argentine pesos for merchants at the time of purchase.
The exchange said its wallet could scan the two most popular types of QR codes from payment services, Mercado Pago and Modo. In addition to this, the Bitso app scans QR codes from “all other systems approved by the central bank.
QR code payments have become quite popular, and Argentina’s QR code usage rate is the highest in Latin America