Binance Pay and Despegar Team Up to Pave the Way for Crypto Payments in Argentina

03/08/2023 01:15 • Metaverse Matters • 99 views

On March 8, it was reported that Binance Pay and Despegar, a Latin American travel agency, had reached a cooperation and would accept cryptocurrency as the payment method in Argentina. Payment would be made through Binance Pay. Inswitch, a financial as a service platform, was responsible for converting cryptocurrency into legal tender.

Binance Pay, in cooperation with Despegar, a Latin American travel agency, will support encrypted payment in Argentina

Analysis based on this information:

Binance Pay and Despegar, two leading players in the fintech and travel industries, have joined forces to lead the way in enabling cryptocurrency payments in Argentina. On March 8, it was reported that the companies had inked a deal to introduce a new, convenient, and secure way of making payments for travelers who purchase airline tickets, hotel rooms or other travel-related services in the country, using digital coins.

With the rise of cryptocurrency and blockchain technology, many businesses, especially in the travel industry, are reevaluating their payment methods to cater to customers who prefer the convenience of using digital assets to make purchases.

Despegar, one of Latin America’s largest travel agencies, has taken the lead in breaking down the barrier of using cryptocurrency as a payment method for travelers in Argentina. The company is leveraging the potential of Binance Pay, the payment platform of Binance exchange, to enable consumers to complete transactions using any coin listed on the exchange through a quick scan of a QR code.

The integration of Binance Pay allows Despegar to tap into the growing cryptocurrency market and expand its customer base. The service will be accessible to all cryptocurrency users, making it an ideal platform for anyone looking to travel and pay using cryptocurrencies such as Bitcoin, Ether, and Binance Coin.

However, one critical aspect to note is that Inswitch, a financial as a service platform, is responsible for converting cryptocurrency into legal tender. This move provides Despegar customers access to a broader range of payment options, and it also makes it more comfortable for merchants to accept cryptocurrency.

Inswitch acts as a bridge between the crypto and fiat world, enabling Despegar to process payments beyond the blockchain, as well as providing risk management, regulation compliance, and fraud detection services. By ensuring a seamless process for both Despegar and its customers to navigate the world of cryptocurrency, Inswitch is going a long way in reinforcing the adoption of digital assets in Argentina.

In conclusion, Binance Pay, Despegar, and Inswitch’s collaboration represents a significant boost for cryptocurrency adoption worldwide. By making it easier and more convenient for customers to pay for their travel using digital assets, the partnership will undoubtedly spur the use of cryptocurrencies in other sectors of the economy, further catalyzing the advancement of blockchain technology.

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