The fintech company Bitso launched the new benefit “Crypto back” in Argentina to offer more advantages to those who choose to use their cryptocurrencies in their daily lives.
For each purchase made with QR through the app, the user will receive a refund in Bitcoin (BTC), depending on the value of the purchase made.
Beyond the currency chosen to make the payment with QR, whether digital dollars, pesos, or cryptocurrencies, which is effective when trading in pesos, the user will receive a refund of up to 25% of the total purchase (including taxes) in Bitcoin, randomly.
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This refund in cryptocurrencies -with a monthly limit equivalent to $15,000- will be directly credited to the Bitso user’s account, immediately, once the payment has been made
According to Bitso’s data on consumption trends since the launch of QR payments, its users chose to make purchases firstly in supermarkets, then in restaurants and cafeterias, and, thirdly, in gas stations. In addition, after making the first purchase, users made the second within two days, totaling a monthly average of three purchases per user.
“With Crypto back, we continue to make daily life easier for Argentines, not only to protect themselves from inflation and devaluation through the use of digital currencies but also to pay for their daily purchases with QR. We are very optimistic about the enormous potential of this product for our Argentine customers. Since the launch of QR payment at the end of September, we have recorded very encouraging data. For example, users who have used our QR payment product have made an average of three purchases per month,” said Julian Colombo, CEO of Bitso Argentina.
For four months now, QR payments have been enabled through Bitso’s app, being the first company in the region to offer this functionality. By scanning any interoperable QR, customers can pay their daily expenses from the Bitso app at merchants that accept this type of payment. In addition, since most utility providers include an interoperable QR code on bills, “Crypto back” can also be obtained when paying electricity, gas, water, and various tax bills.
Bitso’s focus on QR payments is in line with market trends and local user demands
The use of this means of payment continues to grow in Argentina; in September 2022, they totaled 137.4 million transactions, 136.2% more than a year ago, but almost +600% more than in March 2020, two and a half years earlier, prior to the pandemic, according to data from the Central Bank (BCRA).
The launch of “Crypto back” is in line with Bitso’s mission to unleash the power of borderless, secure, and easy financial products, making cryptocurrencies useful. To encourage more Argentines to use the app as a payment method, Bitso closed special deals and promotions at Almacén de Pizzas, Hell’s Pizza, and Cervelar. Progressively, new discounts will be offered in more stores.
The new crypto back benefit will be available from February 6 for a limited number of users and will be progressively extended to the more than one million customers Bitso has in Argentina.
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First published in ambito, a third-party contributor translated and adapted the article from the original. In case of discrepancy, the original will prevail.
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