Bitso crypto exchange has announced a new update inside Argentina which will see residents of the country pay for their daily purchases with crypto. The firm, based in Mexico, said it is introducing a QR payment that will be infused into its app for users to leverage. Also, the exchange has mentioned that this initiative will also be effective across different platforms, using the QR payment method across the country.
Bitso provides payments in diverse assets
Bitso prides itself as one of the biggest crypto exchanges out of South America, boasting a relatively high 5 million users. The company announced that it has been mulling plans to establish a base inside Argentina over the last few years. With the new initiative, the exchange hopes it will spur Argentina residents into a grand adoption of digital assets.
Residents of the country will be able to leverage the several digital assets options to pay for their goods and services, provided the merchants support QR code payments. Also, Bitso mentioned that they could choose to maintain their balances in the native currency of the country and use it for payments on the application. Although payments are guaranteed across diverse assets, the exchange will help merchants exchange them into cash in real time before they are remitted to their accounts.
Argentina rocked by massive inflation
Bitso mentioned that during the early stages, it had a shortlist of countries where it wanted to launch this feature. However, the rampant nature of QR payments across Argentina was one of the factors that made the location a choice of destination for the company. According to a previous study, Argentine QR payments have risen to over 59% over the last year, with the figure projected to surpass over 80% in the coming year.
Argentina is also facing turmoil in the financial sector due to the massive inflation increase that has rocked the country over the last few years. The political issues in the country have also seen the currency devalued, with most Argentine now taking refuge in using stablecoins for their daily transactions. The company announced that the new update would be open by September 27 and accessible in phases. An executive of the company also mentioned that it wants to help Argentines escape these harsh economic conditions, thereby offering them a way out with this new initiative.