Wednesday, August 21, 2019

Argentinians in 37 Cities to Pay for Public Rides Using Bitcoin

By the day, Bitcoin is gaining use cases around the world and that can be said about Argentina. People across 37 cities in this country can now use Bitcoin to pay for public rides. In this case, all they have to do is fund their transport card with Bitcoin, according to a media report on February 7.

Bitex and Altoviaje Partner to Enable Bitcoin Payments for Rides

Based on reports, Bitex, a Fintech company, and Altoviaje, an online payment company have collaborated. Their partnership will enable Argentinians to pay for public transport with Bitcoin. Here, the virtual currency will need to be loaded onto Altoviaje’s transport card, SUBE before payments can be processed.

In addition, a person must fund their card with at least AR$ 50 ($1.33 USD) for transactions to occur. The price of a bus ticket in the country is around $18 ($0.48 USD) which is equivalent to 0.00014 BTC. Based on this cost, Argentinians can get at least two rides after single funding and a little more cash to spare.

Project Allows the Ordinary Person Use a Disruptive Technology

Bitex whose operation began in 2014 made comments about the setup. According to Manuel Beaudroit, CMO of Bitex, a project of this kind is of great importance because it allows the ordinary person to take advantage of Bitcoin, a disruptive technology. He also said this goes to show the value and application of the virtual asset in everyday life.

Reportedly, the Fintech company is focused on providing infrastructures such as API integration to companies in order to enable them to offer services using Bitcoin. An instance of this is Bitex’s collaboration with Banco Masventas to facilitate cross-border payments using Bitcoin. The service which is currently used to process payments between Argentina and North America, Europe, etc. makes for faster and low-cost transactions.

Related Article:  Galaxy Digital Raised $250 Million As Credit Fund To Help Struggling Crypto Startups

More Countries in South America Adopt Bitcoin

More countries in South America are adopting Bitcoin to process payments. As BTCNN reported on December 21, Oásis Supermercados, a retail store in Brazil is accepting the digital asset. The company with 90 workers revealed that processing Bitcoin payment is easy and fast. It can be compared to credit card payments.

On February 7, BTCNN also informed of the spike in the Bitcoin trading volume in Venezuela. The country for the first time recorded its all-time high for the trade of this asset. In this case, the rapid adoption was attributed to U.S. sanction on oil. The same was said about the country’s high inflation rate and the devaluing fiat currency.

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