Ripple Partner Bitso Launches Crypto Payment Solution In Argentina• September 29, 2022 9:19 pm • Comments
Ripple partner Bitso has plans to launch its new payment solution in Argentina which will allow users within the country to access a QR code payment system.
This new payment system will be powered by XRP and other prominent digital assets which will greatly increase the adoption of crypto in the region.
Bitso is already well known as it is one of the largest exchanges in the country and it currently has over 5 million users.
With this new payment solution in Argentina, it is expected that around 1 million customers will now be able to make QR code payments.
Once this new solution gains traction, it would once again be another use case where XRP is utilized for transactions.
— BULLZILLA (@CKJCryptonews) September 27, 2022
According to a press release, Bitso’s new payment solution will provide its customer with a solution to remove friction and cost from the process of making everyday payments.
Users will be able to access the payment product by accessing the exchange’s mobile app.
Per the announcement, users will have two options for payments: fiat currency or cryptocurrencies. If they chose the latter, the transaction will be free and directly process in the local currency.
If they decide to spend their cryptocurrencies, the app will automatically convert the digital asset into local fiat currency.
This seems like a convenient alternative for people that own crypto and are looking for a seamless and low-cost way to incorporate it into their everyday life. Argentina has one of the highest inflation in the world as it nears 80% year-over-year.
Such a payment system that is powered by digital assets like XRP would be extremely beneficial in Argentina as the country has struggled with inflation concerns.
Right now, within the United States, inflation has peaked at around 9% and currently is recorded at around 8%.
However, in comparison, inflation in Argentina is much more severe as reports indicate that inflation within Argentina will have a possibility of reaching 100% by the end of the year.
As a result, the availability of payment solutions that can hedge against this inflation will likely be very popular within the region and Bitso has recognized this opportunity.
#Ripple partner Bitso partnered with Africhange this month for CAD-MEX crypto remittances. Today they've rolled out crypto payments in Argentina using Q-codes. #XRP can be used in both, but will it? (Also, Bitso participates in ODL)https://t.co/tV8DQq3osA
— WrathofKahneman (@WKahneman) September 26, 2022
Furthermore, Alvarado claims the new product will fulfill one of Ripple’s partner objectives: to provide new use cases and to make crypto more useful. The exchange platform began working with the payment company in 2018 to improve the payment rails available for its customers.
Since that time, Bitso has been able to consolidate its foothold in Latin America becoming one of the largest liquidity providers for remittance in Mexico and other countries.
In that sense, the adoption of the Ripple payment solution On-Demand Liquidity (ODL), which leverages XRP, has been critical.
In 2020, Bárbara González Briseño said the following about Bitso’s cooperation with the payment company:
We want to connect all of Latin America into a single network where everyone can transact instantly and cost-effectively, whenever they need to. Ripple shares our vision of using its innovative technology to create accessible and valuable friction-free exchange for our partners and their customers.
— Cryptic Poet 👑 (@1CrypticPoet) September 26, 2022
Join the conversation!
We have no tolerance for comments containing violence, racism, profanity, vulgarity, doxing, or discourteous behavior. If a comment is spam, instead of replying to it please click the icon below and to the right of that comment. Thank you for partnering with us to maintain fruitful conversation.