Bitso, one of the largest cryptocurrency exchanges in Latam, has launched a QR payment program for travelers to Argentina. The service proposal aims to facilitate the way travelers and tourists make payments in the country, using Bitso’s interoperable QR payment technology to avoid unnecessary and often confusing foreign exchange transactions in the region, where there are several dollar exchange rate.
Bitso launches QR payment service for travelers
Bitso, one of the major cryptocurrencies Exchanges en Latam, has launched a QR-based payment service that aims to allow travelers to pay with cryptocurrencies in Argentina.
The service aims to make life easier for tourists arriving in the country, 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 a full payment service, taking the hassle out of exchanging foreign currencies for cash in a country like Argentina where there are over 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 are helping them get the most out of their money and time by avoiding exchanging cash for local currency and allowing them to make crypto payments contactless in seconds directly from their phone.
The service will receive stablecoins, bitcoins and ethers, and perform instant exchanges upon payment, with the counterparty receiving Argentine pesos.
Bitso aims to capture some of the growing flows of tourists heading to the country after the end of the Covid-19 quarantine season. According to the company, Latam’s tourism industry is experiencing a resurgence, with searches for places to travel to the region increasing by 113%.
Growth of QR payments
Bitso is able to offer this feature due to the Implementation QR payments that the company announced in September, giving users the ability to pay at a huge number of stores and merchants that already use this new payment method. The company included this feature to allow customers who used the platform as a savings tool to pay with their cryptocurrencies, bypassing external money exchanges.
QR payments have also increased steadily in the country, reach a record number of more than three million payments made with this tool in September.
What do you think of Bitso’s QR payments program for tourists in Argentina? Tell us in the comments section below.
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