Venezuelan citizens can now directly pay for goods and services at more than 20,000 point-of-sale (PoS) terminals throughout the country. Because of a deal between Panamanian crypto exchange Cryptobuyer and local payments processor Mega Soft to connect some of Venezuela’s biggest retail chains, people can use the leading cryptocurrency to pay at more than 20,000 PoS. All stores will use Mega Soft’s Merchant Server platform to process payments in bitcoin, binance coin, dai, dash, ether, tether, and Cryptobuyer’s native token, XPT.
Mega Soft processes around 18 million transactions per month in Venezuela.
The new deal between these firms is expected to go live sometime next month, Cryptobuyer announced in a recent statement. Once payment is made in crypto, merchants can immediately convert the crypto into fiat or retain it in their digital asset accounts held with the exchange, according to the statement. The pharmaceutical group Farmatodo, supermarket chain Central Madeirense, EPA Hardware, Plaza’s Automercados, a movie theatre, and other large consumer goods stores have all signed up to accept the crypto-based payments. Companies like Samsung, Burger King, and Traki Stores already accept crypto in Venezuela via Cryptobuyer.
Crypto can help Venezuela in times of hyperinflation.
The South American country has been suffering from hyperinflation form a long time. Venezuelan economy runs on oil, and the recent crash in crude oil prices has left the country in more trouble. And adding the pandemic has made the situation worse. The citizen in the country is going through a humanitarian crisis because of the hyperinflation triggered by political turmoil. Cryptocurrencies being independent of fiat currencies can be very useful for citizens to lessen the impact of inflation. The leading cryptocurrency has seen a positive rally in recent times. Venezuelan citizens using crypto also makes a solid case for bitcoin’s mass adoption around the world.