Bitso rolls out QR-based payments in Argentina. Credit: Traxer on Unsplash.

Mexico-based cryptocurrency exchange Bitso has introduced a crypto-powered QR code payments service in Argentina.

The service is designed to enable Argentine consumers to use crypto for their day-to-day transactions. Currently, Bitso caters to over one million consumers in Argentina.

Go deeper with GlobalData

Data Insights

The gold standard of business intelligence.

Find out more

Using the service, consumers will be able to make transactions from their Bitso app at outlets that accept QR code payments.

The interoperable service can be used with other platforms that are now employing this mode of payment in the country, stated the firm.

It facilitates transactions in Argentine pesos, stablecoins, bitcoin or ether. Based on the currency, Bitso will automatically convert the exchange rates into pesos, which will be received by the merchant.

The crypto exchange has selected Argentina as the first country to launch the new service due to the high rates of QR codes payments carried out in the country.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

Bitso senior VP of product Santiago Alvarado said: “This launch is a testament to our proactive approach to creating crypto-based financial products that are useful in people’s daily lives while providing a solution to the challenges inherent in the financial landscape of Latin America.

“This is an especially important product offering for Argentina as it provides users protection from the adverse economic factors such as inflation and currency devaluation.

“In addition to increasing financial opportunities for users, Bitso is fulfilling its mission to make crypto useful.”

It is estimated that 59% of Argentinians used QR payments last year, compared to the 34% used in Latin America.

Furthermore, more than 80% of the people in the region are expected to transact with QR codes next year.