The popularity of cryptocurrency payments has grown significantly in recent years. Latin American countries. More and more businesses are accepting these methods and there are also more and more options to pay with them that are led by global giants in the payment sector.
In February, the Belo digital wallet became the second Argentine company to offer a card that allows transactions with balances in cryptocurrencies and the first to be part of the “Crypto card program” launched by the American Mastercard, which is advancing in other countries.
In interview with The Economist, Manuel Beaudroit, CEO and founder of this wallet, highlighted the growth scenario that exists today for payment companies with crypto assets in Latin America. Above all, he said, in an economic context that has forced people to look for options.
“favorable outlook”
The digital wallet Belo was released on the market only seven months ago in Argentina (the App is also open to markets such as Mexico). The card was launched specifically for the Argentine market a month ago. 25,000 units have been placed and they estimate one million users this year.
“We are talking about a product that is new. We expect growth, although we know it will be gradual and staggered”, he advanced and added that the growing supply of products crypto in the region is due to the response to the economic problems of the population.
“The adoption of cryptocurrencies in emerging markets, especially in Latin American countries, is growing due to real economic problems, although there are many options that are more speculative,” he explained, citing effects such as the high inflation that affects Argentina.
“Cryptocurrencies are presented as an option for remittances, receiving salaries and much more. We observe it especially now that we find ourselves in some countries with problems of foreign exchange blockades. Technology is emerging as solutions to solve several of these problems”, he said.
Competition favors adoption
Recently and also for Latin America, Bitso, a cryptocurrency exchange platform, announced the launch of its Bitso Card debit card, in which Mexican pesos and cryptocurrencies. Another strong competitor in this market is Binance, which has a Visa card.
For the CEO of Belo, the fact that the competition for the cryptoactive market in the region grows only reflects the growth potential that Latin America has, due to some great lagging problems that are still unsolved. Companies like Mastercard and Visa benefit from contributing solutions.
On the volatile movements in prices and the renewed concerns of regulators about cryptocurrencies, he stated that the process of adopting technology is gradual. As an investment, cryptos will go through stages of excitement and disappointment. “New users arrive and some stay.”