Ripple Partners Launch Crypto Payment Solution in Argentina

Tomorrow September 27th^th, Ripple partner Bitso rolls out a new payment solution in Argentina. The product will allow users in Latin American countries to access his QR code payment system, the first in the region powered by XRP and other cryptocurrencies.

Bitso is one of the largest exchanges in the region with over 5 million users. In Argentina alone, the platform has registered over one million of his customers who can make QR code crypto payments in certain regions as of tomorrow. The product will be expanded nationwide in the coming months.

Ripple and Bitso Offer New Use Cases, Protect Argentinian Customers from Inflation

According to a press release, Bitso’s new payment solution offers customers a solution that removes friction and cost from the daily payment process. Users can access payment products by accessing the exchange’s mobile her app.

According to the announcement, users will have two payment options: fiat or cryptocurrency. If you choose the latter, the transaction is free and processed directly in your local currency. If they decide to use cryptocurrencies, the app will automatically convert their digital assets into their local fiat currency.

This appears to be a convenient alternative for those who own cryptocurrencies and are looking for a seamless and low-cost way to integrate them into their daily lives. It has the highest inflation rate.

By contrast, the latest inflation readings for the US are some of the highest in decades, peaking at around 9% and currently hovering around 8%. According to some reports, Argentina’s inflation rate could reach 100% by the end of 2022.

In that sense, people are turning to cryptocurrencies, digital assets, and other hard assets to protect themselves from inflation and avoid official exchange rates. Ripple partner Bitso sees this situation as an opportunity to deploy a modern payment solution.

Bitso also claims that Argentina has the highest adoption rate of QR code payments in the world. According to data provided by the exchange platform, 59% of him in Argentina used his QR code for payments, compared with the regional average of 34% for him. By 2023, we expect 83% of people will use this payment method.

Santiago Alvarado, senior vice president of products at Bitso, said of the new product:

This launch is a testament to our proactive approach to creating crypto-based financial products that help people in their daily lives while providing solutions to the challenges inherent in the Latin American financial landscape. This is a particularly important product for Argentina as it protects users from adverse economic factors such as inflation and currency devaluation.

Ripple supports Bitso’s growth in Latin America

Furthermore, Alvarado claims that the new product will fulfill one of Ripple’s partners’ goals: to provide new use cases and make cryptocurrencies more convenient. Exchange platforms began working with payment companies in 2018 to improve the payment rails available to their customers.

Since then, Bitso has strengthened its foothold in Latin America, becoming one of the largest remittance liquidity providers in Mexico and beyond. In that sense, his adoption of Ripple’s payment solution On-Demand Liquidity (ODL) powered by XRP was significant.

In 2020, Bárbara González Briseño said about Bitso’s cooperation with payment companies:

We want to connect all of Latin America into a single network, allowing everyone to transact instantly and cost-effectively whenever they need to. Ripple shares our vision of using its innovative technology to create accessible, valuable and frictionless exchanges for our partners and their customers.