One of the biggest crypto exchanges in Latam, Bitso has introduced a QR payments program in Argentina, which is aimed at facilitating tourists in the country.
The aim of the service proposal is to make it easier for tourists and travelers to make payments in Argentina, as they will be able to use the interoperable QR technology introduced by Bitso.
This will save them from having to make cash transactions that are confusing at times because of the multiple-dollar rates that exist.
QR services
One of the largest crypto exchanges operating in the Latin American region is none other than Bitso and its QR-based payments service has been rolled out for helping travelers use crypto to make their payments in Argentina.
Tourists that come to Argentina will be able to have an easier time because they will be able to use cryptocurrencies to pay for goods and services at all merchants.
They will be able to use the QR payment method introduced by Bitso for this purpose, as the aim of the crypto exchange is to provide an integral payment service.
Thanks to this method, travelers will no longer have to go through the hassle of getting cash through foreign currency exchange.
This can be quite complicated in a country like Argentina because there are about 14 different exchange rates for the dollar.
The payments
The SVP of Product at the crypto exchange, Santiago Alvarado talked about the development. He said that QR payments are accepted at most of the shops, markets and restaurants in the country.
He said that since they were offering this service to tourists coming to Argentina and this would allow them to make the most of their money because they would not have to exchange their cash to get local currency.
Instead, they would be able to use their phones for making contactless crypto payments, which would not take more than seconds.
Ether, bitcoin, and stablecoins are all accepted and the service will make exchanges instantly at the time of payment, which means that the counterparty would receive payments in Argentine pesos.
The goal of Bitso is to draw the increasing number of tourists that are coming to Argentina after the end of the COVID-19 pandemic restrictions.
The company said that there is a resurgence in the tourism industry of Latam, as there has been a 113% rise in the searches for traveling to the area.
Growth in QR payments
The reason that Bitso is offering this new service is that it implemented QR payments back in September.
This had enabled users in the country to take advantage of this functionality for making payments at a huge number of merchants and stores, which are already offering support for this particular payment method.
This function was included by the crypto exchange because it wanted to allow its clients a savings tool that can help them in using their cryptocurrencies for making payments.
Hence, they would be able to avoid external cash changes. There has been growth in QR payments in Argentina, as the tool was used for making almost three million payments in September.