Interoperable QR payments reach record numbers in Argentina – Fintech Bitcoin News

Interoperable QR payments, a system that allows all digital wallets in Argentina to make payments at multiple stores, reached record numbers in September. According to official figures, 3.15 million payments have been completed using the system, including cryptocurrency-based payments already offered in the country by exchanges like Bitso.

Interoperable QR payments gain momentum in Argentina

Latin America, with its unique economic features, has become fertile ground for the eruption of innovative savings and payment technologies. Interoperable QR payments, payments that use a code to direct the movement of funds and use a mobile phone or Internet device, are currently gaining momentum in Argentina.

They are called “interoperable” because the network offers its functionality to traditional banks and digital wallets, allowing all actors to participate in the payment ecosystem. There were 3.15 million of his QR payments in September, the highest number since the system was implemented in November 2021, according to figures derived from Coelsa, the system that receives and routes these payments. was.

This number is up from the less than 3 million transactions made in August, indicating that this type of payment still has potential to grow domestically.

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Traditional payments by card still outperform QR payments, but the gap continues to shrink. QR payments account for 17% of all payments made in the system, while classic card payments reach 48%. The introduction of contactless card payments has also impacted the system, enabling fast and comfortable transactions for users.

According to Mercado Pago, one of the first companies to implement the system, there are 5 million users who can make QR payments, and 1.3 million businesses have received this type of payment at least once. Cryptocurrency users can also benefit from adopting her QR payment in several ways.

Bitso, a Latin American cryptocurrency exchange, announced in September that it would include in-app cryptocurrency-based QR payments in Argentina. This will allow users to protect their purchasing power from inflation and use crypto for payments using one platform.

However, there are also other platforms in the country that use card-based cryptocurrency payments, which can be linked to Mercado Pago’s app. The app allows users to specify the crypto cards they use for payments and links these with cryptocurrencies in a uniform way.

What do you think about the rise of interoperable QR payments in Argentina? Let us know in the comments section below.

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