Bitcoin (BTC) can now be used to pay for public transport in 37 cities in Argentina. Users will have the possibility to send funds to their transport card and pay with the most popular virtual currency. The information was released by the local news site Cripto247.
Bitcoin Mass Adoption Continues
Although Bitcoin did not have a very positive 2018 in terms of price action, the digital asset continues to grow all over the world. This time, Argentinians will be able to pay for public transport using Bitcoin.
In order to do so, Alto Viaje, a travelcard-loading platform, and Bitex, one of the largest crypto-related companies in Argentina, signed a new partnership. Using the Alto Viaje platform, users can now send Bitcoin and fund their SUBE card to travel using the public transport system.
The minimum purchase is AR$ 50 ($1.33 USD). That means that users will have to pay at least taking into account the current prices 0.0004 BTC. In general, a bus ticket in the country costs $18 ($0.48 USD), equal to 0.00014 BTC.
During a conversation with UseTheBitcoin, Manuel Beaudroit, the CMO of Bitex, commented:
“We are doing an effort to bring Bitcoin to the masses and to show one of the many uses of this technology. We like to do small things that bring value to the ecosystem. We also want to change old structures using technologies such as Blockchain.”
Individuals living in 37 cities in Argentina will have the possibility to use this service provided by Alto Viaje and Bitex. Alto Viaje is also accepting payments via PayPal and RapiPago, a local payment processor company.
In the past, Bitex signed an agreement with Banco Masventas to process cross-border payments using Bitcoin (BTC). In this way, the bank is able to reduce transaction costs and increase transaction speeds. The service is currently available between Argentina and other countries in Europe, North America, and Latin America.
Argentina has registered high inflation rates during the last 10 years after years of policies implemented by a populist government. Although Mauricio Macri reached the power in 2016 ending with more than 70 years of Peronism, he was not able to reduce inflation rates in the last three years. Additionally, several Bitcoin ATMs are being installed in the country and digital currencies are being embraced by the population.