What is it and how is it used in Argentina

Crypto-dollars are becoming established not only among savers, but also among exchange rate-sensitive commodity businesses. the keys

For several decades, the dollar has been an object of desire for Argentina. which seek the greenback against a local currency that systematically loses value.

In this frame, More and more businesses are accepting payments with stable cryptocurrencies, from jewelry stores to computer houses and travel agenciesTether in particular (usdt), which maintains its parity with the US currency.

Thus, Merchant “Dollarize”That allows them to stand out better against their suppliers, especially those who sell devaluation-sensitive goods.

QR crypto payments: which items accept them in Argentina

as far as he knew iProUP, Apart from real estate and car dealerships, electronics stores also joined the trend To accept payment with digital currency.

“I have been in the cell phone and electronics business for more than 10 years. Ever since I started, We always manage ourselves taking the dollar as reference“, he confirms iProUP A merchant having outlets in different regions of the country.

With rising inflation, Today everything is published and sold for dollars. If the customer wishes to pay in pesos, the exchange rate is blue plus 2%To protect myself from a devaluation that could happen between the time I receive the payment until I can exchange pesos for dollars”, he concludes.

USDT has become the standard cryptocurrency in various sectors such as electronics, real estate, jewelry, and cars.

USDT has become the standard cryptocurrency in various sectors such as electronics, real estate, jewelry, and cars.

Furthermore, it turns out iProUP That “dollar ticket” has a fee discount of 2%, so there is usually one “list price” in pesos and the other in cash. ,In the case of stable coins, the surcharge is 4%. This is because exchange houses charge that percentage to exchange for physical dollars,” the source says.

According to the exchangers consulted by iProUP, Most items that accept digital dollars apply a surcharge of up to 6%., “This was not always the case. In a pandemic, because there was great demand for cryptocurrencies like USDT, the opposite happened: a 2% discount was given as exchange houses paid more physical dollars for digital ones,” he recalls. . ,

According to retailers consulted through this, Paying with crypto allowed them to increase sales.

QR crypto payments: how is it trending in Argentina

Beyond businesses using crypto dollars, Many established companies are adopting the operation, so that digital currencies start to have a special place in the local economy. For example, In the tourism sector, Despegar.com accepts payments in cryptocurrencies at a 1:1 ratio via Binance Pay,

“This option applies to the entire proposition of Despegar, which complements the value proposition, improve user experience and bringing the crypto world closer to the masses,” the company says.

Another growing trend is the use of cryptocurrencies for everyday purchases. in this matter, Electronic wallets instantly convert to pesos, While many offer prepaid cards, Bitso went for more and allows you to pay from your app by scanning any QR code.

Julian Colombo, CEO of Bitso Argentina

Julian Colombo, CEO of Bitso Argentina

Julian Colombo, Executive Director bitso Argentina, hands over iProUP That the volume handled increases not only in the number of transactions but also in the variety of items. “First of all, Users choose to shop at the supermarket, followed by restaurants, cafeterias and service stations“, Add.

The executive explains that the highest growth rate was recorded in the service payment category (electricity, water, internet, among others), for which he confirms that “Crypto is being used more and more to make payments and purchases in daily life,

In this way, Colombo argues, they form a solution, because Enable Over a Million Argentinians to Use Digital Currency for Savings, Investments or to pay your daily expenses “with the best exchange rate and thus protect yourself from inflation and devaluation”.

In “100% crypto” QR payments, Binance Pay is the tool that was adopted as a standard, Binance director Maximiliano Hinze explains to LATAM Cono Sur iProUP Its use is very simple. and indicates that the person who collects it may generate:

  • QR with pre-set values ​​makes the collection process faster
  • Open QR which allows the customer to choose how much to pay

Meanwhile, whoever makes the payment only needs to scan the QR and enter the amount if required.

,If a user decides to charge with cryptocurrency A, but the person making the payment does not have a balance in this currency, the platform automatically converts it to the market value.allows someone to pay with crypto B and allows the other party to receive crypto A,” he concludes.

QR crypto payments: how Argentina uses them

Hinze revealed There has been a huge increase in the use of Binance PaySince Argentina uses it not only to buy but also to send digital currency between friends: “Being 100% free, they can easily and quickly, Send cryptocurrency without using a wallet address or similar processes that are more complex”.

Maximiliano Hinze, Director of Binance Southern Cone

Maximiliano Hinze, Binance’s Director for LATAM Cono Sur

In parallel, Colombo is excited about the results of Bitso: 40% of QR Payments customers made at least three purchases within a 30-day window,

,At Bitso, each user can transfer pesos from their bank or wallet and convert them into digital dollars. and other crypto frictionless, 24/7,” he adds.

Colombo points out that, while leaving the peso in the banking system means losing out systematically against inflation, Recipients of digital dollars will be protected Exchange rate fluctuations and can also get returns of 2% per annum in “hard currency”.