Bitso, the largest cryptocurrency exchange in Latam has launched a QR payment program for travelers to Argentina. The service proposal seeks to ease the way in which travelers and tourists make payments in the country, using Bitso’s interoperable QR payment technology to avoid unnecessary and often confusing cash exchange transactions in the region, where there are multiple dollar exchange rates.
Bitso launches QR Payment Service for Travelers
Bitso, one the most prominent cryptocurrency exchanges in Latam has launched a QR-based payment service that allows travelers to pay in cryptocurrencies in Argentina.
This service allows tourists to pay with cryptocurrency at any merchant using the QR payments method. It is designed to make their lives easier when they arrive in the country. Bitso’s objective is to serve as an integral payment service, avoiding the hassle of exchanging foreign currency for cash in a country like Argentina where there are more than 14 different dollar exchange rates.
Santiago Alvarado (SVP product at Bitso), spoke out about this development:
QR payments are accepted by most restaurants, shops, and supermarkets. This product is available to foreigners visiting Argentina. It allows them to make quick contactless crypto payments and avoid the hassle of exchanging cash for local currency.
The service will be able to receive stablecoins and bitcoin as well as ether. It will also make instant exchanges at the point of payment with the counterparty receiving Argentine Pesos.
Bitso hopes to capture some of these growing tourist streams that have returned to Latam after the Covid-19 quarantine period has ended. According to the company, Latam’s tourism industry is experiencing a resurgence, with searches for places to travel in the area growing by 113%.
QR Payment Growth
Bitso is now able to offer this functionality thanks to the introduction of QR payments in September. It allows users to pay in any number of stores or merchants that accept this new payment method. This function was included by the company to allow customers who have been using Bitso as a savings tool to pay for their cryptocurrencies with Bitso, without having to exchange cash.
QR payments have also been steadily increasing in the country. In September, a record number was reached of more than 3 million payments made with this tool.
This story has tags
Argentina, Argentine peso. Argetine peso. Bitcoin, Bitso. Cash, ether. Exchnage rates. Qr payments. Stablecoins. Tourism, Travelers.
What do you think about Bitso’s QR payments program for tourists in Argentina? Please leave your comments below.
Sergio is a Venezuela-based cryptocurrency journalist. He is a latecomer to the cryptosphere, having entered it during the December 2017 price rise. He is a computer engineer by trade, and he lives in Venezuela. He has been impacted by the cryptocurrency boom at social levels.
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