Starting Tuesday, One Million People Will Be Able To Pay With Cryptocurrency For Their Daily Purchases

pay with QR They are already a well known tool for Argentina. It is less common in the country to use this enhanced functionality to make payments. cryptocurrencyStarting next Tuesday, when the latest technological development from Bitso, one of the Argentine companies in the region, goes into effect, one million people – its users – will be able to make their daily purchases in USD, bitcoin, in any store with a QR. It will be, Ethereum or ICD.

On the other hand, the company that charges the commission will receive Peso for the automatic conversion done by the virtual wallet.

It is possible that any place with a QR will be able to accept cryptocurrency due to a technical but significant change made by the central bank last year. QR has become “InteroperableThis means that any code issued by any entity can be read via any virtual wallet.

Second, Bitso’s functionality allows the buyer to pay in cryptocurrencies (for now they will enable four possible tokens) and allows the seller to receive the peso. This is done through an intermediate operation in which the virtual wallet makes currency conversion automaticallyTo make transactions at a certain time, at the current exchange rate.

Furthermore, the user can pay in Peso like any other wallet. If you choose to pay directly in the national currency, no fees apply. Payment with cryptocurrencies a. IS Conversion fee of 0.6%.

BitOs launches cryptocurrency QR payments

To achieve this functionality, Bitso had to meet certain requirements central desk, to enter the network of payment service providers with QR. In addition, the development team had to call 51 entities to verify that their reader was compatible with the codes currently distributed in the country.

“We are used to thinking of cryptocurrencies as a medium or long term saving option. But now, with this launch, Argentina can stay in cryptocurrency. By adding a QR payment solution to our platform, we protect Argentina from inflation and devaluation. We are allowing you to save and spend in cryptocurrencies on a daily basis with the best available exchange rate in the country. In this way, we extend the benefits of cryptocurrencies to daily pocket money, “she stressed. Giuliano ColomboBitso’s head of public policy, who has ensured that they are the first in the area to include this feature.

Argentina is the first market in which the company has launched this solution for its users, as it is the country where the use of this form of payment is most widespread: 59% of Argentines have used QR payments in the last yearAccording to the company, this is up from 63% in Latin America, compared to an average of 34% in the region, and 83% is expected to pay with QRs next year.

Since last May, the company has enabled the Bitso + feature, which allows for an annual return of 8% on balances in eligible cryptocurrencies. Colombo concluded: “By combining both services, all Argentine Bitso users will be able to preserve the value of their money and live in cryptocurrencies, reaffirming our commitment to making cryptocurrencies useful for people’s lives.”

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