To attract customers, crypto wallets return money for purchases

After a turbulent year, crypto wallets operating in Argentina are still looking for ways to win customers and expand their businesses.

Many have bet on

by which users are credited with money, either traditional or in digital currencies, as a prize for their purchases.

The Mexican Bitso recently announced that it added

Four months ago, Bitso added the option to pay with interoperable QR in stores, which allows users to "read" the Mercado Pago, Modo or other wallet code.

Now, beyond the currency chosen to make the payment with QR, whether they are digital dollars, pesos or crypto, which is made effective when trading in pesos, the user will receive a refund of up to 25% of the total purchase (with taxes

. included) in bitcoin, randomly.

As explained in the company, this return

and will be instantly credited to the Bitso user's account.

"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 day-to-day purchases with QR. We are very optimistic about the enormous potential that this product has for our Argentine clients," said Julián Colombo, CEO of Bitso.

Since the launch of payment with QR, at the end of September, we have recorded very encouraging data.

For example, users who have used our QR payment product made an average of three monthly purchases,” Colombo highlighted.

Bitso's bet comes after other players adjusted the cashback percentage to guarantee the solvency of their businesses.

Franco Bianchi, CMO of Lemon, stated: "As the volume of users increases in a company it is more difficult to maintain a sustainable cashback model in the long term, but it is an

using weights in their daily lives.

The company founded by two Argentines has already distributed 800,000 plastics in the country and processes 46 transactions per minute.

Last November, it modified its cashback system and established that for each consumption in pesos or crypto that is made with the card, in addition to receiving a % in Bitcoin, the user will add "energy points" that will allow them to level up until they reach a 4% cashback in bitcoin.

"At the time of announcing this new cashback model in November 2022, we had a

using the card, but this was not represented in the average ticket or the number of Lemon transactions. In fact, in the last few 30 days we had

, acknowledged Bianchi.

Meanwhile, the Belo app offers a refund in crypto that goes from

and the user can choose in which currency they receive it.

"It is a random distribution, whose percentage varies between 2% and 21% of the total value of the purchase. It is received at the time of making a purchase in the cryptocurrency that is selected from those available in the app," they explained in the firm. .

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