Payments with QR in Crypto: How the new functionality was launched by Bitso in Argentina

Payments with QR in Crypto: How the new functionality was launched by Bitso in Argentina

The new service will allow From the 27th of next September (It will be enabled gradually) for more than 1 million users in Argentina to pay their daily expenses from the Bitso app at any store that accepts payments with QR.

To make a payment, the user will have a list of options to choose from which type of currency or crypto to pay: Argentine Pesos (ARS), Digital Dollars (US dollar stablecoins), Bitcoin (BTC), Ethereum (ETH), or DAI.

If a cryptocurrency is selected, Bitso will make a file Automatic conversion to Argentine peso “At the best exchange rate and then pay the amount to the merchant”, explained by the company. While if you choose to pay directly With the peso, there are no fees. It should be noted that QR payments can be made from around $100.

We are used to thinking of cryptocurrencies as a medium or long-term savings option. But now, with this launch, Argentines can live in cryptocurrencies. By adding a QR payment solution to our platform, we allow our users to protect themselves from inflation and peso devaluation, spending cryptocurrencies on a daily basis, with the best exchange rate available in the country. In this way, we extend the benefits of crypto to daily pocket money.” highlighted Julian Columbus, Head of Public Policy at Bitso, a company founded in 2014, with more than 600 employees in 35 countries.

Infographic bito qr (2) (1) .png

Argentina is the first market in which the company launches this solution to its users, as it is the country in which the use of this payment method is widespread: Nearly 60% of Argentines have used QR payments in the last year, Compared to an average of 34% in the region, and 83% who expect to pay in Qatari riyals next year, it is significantly higher than 63% in Latin America, according to a new Payments Index report from Mastercard.

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It should be noted that last May, the company enabled Bitso + . functionallowing to get up to 8% annual return on balance in eligible cryptocurrencies (Up to $1,000 in USD stablecoins; then $1,001 – $10,000 is 4% per annum; and from $10,011 onwards is 3% per annum), which protects your purchase Power for users, connects virtually US annual inflation, The highest level in the past forty years. In addition, the platform offers an annual return of 2% to those who save with Bitcoin and Ether.

β€œBy combining both services, all Argentine Bitso users will be able to preserve their money’s value and live in crypto, certifying our commitment to making crypto good for people’s lives.”Colombo concluded.

Bitso is one of the few and only cryptocurrency exchanges in Latin America to obtain a Distributed Ledger Technology (DLT) license from the Gibraltar Financial Services Authority (GFSC), a sovereign agency that has developed one of the most advanced frameworks for regulating cryptocurrency trading. .

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