QR Crypto Payments Qorus Banking Innovation Awards 2022

In Q3 of 2022, Bitso launched QR Payments in Argentina, allowing users on the Bitso app to scan any interoperable QR code in the country and pay directly with their balance of Argentine Pesos, digital dollars, bitcoin, ether, or DAI. If users choose to make a payment with cryptocurrency, an automatic conversion to Argentine pesos will be made through the Bitso app at an optimal exchange rate. The payment will then be sent to the merchant. If the payment is made directly with pesos, no charge applies. QR Payments with crypto were inspired to offer Argentinians a way of 'living in crypto', considering Argentina’s rising inflation rate, which currently sits at 5-8% per month. Crypto offers a reprieve from inflation – individuals can save money in digital dollars (USD stablecoins) that are 1:1 pegged to the US currency and maintain the value of their money amidst major currency devaluation. Unfortunately, individuals across Argentina tend to view crypto as a mid-to-long-term savings option, tapping into only half of its potential. QR Payments with crypto can flip that narrative, making it just as easy for its users to spend as it is to save in crypto so that digital assets really can offer an escape from Argentina’s soaring inflation. Bitso selected Argentina to start the development of its QR Payments with crypto program not only because of rising inflation but also because QR adoption is higher in Argentina than in most other countries in the region. According to one study by Mastercard, 59% of Argentinians have used QR payments in the last year compared with a 34% average across the region. QR codes already make up a part of the day-to-day life of most Argentinians, so by making it easy to pay with crypto, crypto becomes like everyday pocket money, protecting every user against inflation and devaluation at the same time.