Fiserv is taking crypto payments seriously with a new development of its Clover platform.
The Milwaukee-based company, which serves millions of customers worldwide, announced last week that it will allow customers to pay with stablecoins and cryptocurrency in its point-of-sale (POS) devices across Argentina, expanding the scope of its functionality.
The process includes a QR code that directs customers to a wallet associated with an exchange, from which they can complete the payment. The platform will manage the crypto-to-fiat conversion, depositing Argentine pesos in the merchants’ accounts.
The customer can verify the exchange rate at any time to guarantee the transparency of each payment.
With this development, Fiserv claims that it became a pioneer in Argentina, allowing customers to pay with crypto and merchants to receive pesos seamlessly through Clover.
Sebastian Calens, Vice President at Fiserv and Product Head LATAM South, referred to this move as a development to ensure customers can receive any kind of payment.
He stated:
Once again, we are investing in innovation, expanding payment acceptance, and improving the experience on our devices, allowing merchants to accept any payment method and never miss a sale.
Read more: Global Fintech Company Fiserv to Launch Platform to Democratize Stablecoin Access
Why It Is Relevant
Fiserv’s move towards crypto is a testament to the growth of the sector in Argentina and the moves that fintech companies are taking to capture a part of the local market that prefers to use these for payments.
Fiserv targets becoming the go-to crypto payments company in Argentina, as Calens stressed that by adding crypto payments, they “strengthen the ecosystem” and consolidate their “position as a platform that drives, connects, and expands opportunities.”
Over 20% of Argentines hold cryptocurrency, an active market of over 8.5 million people, making this sector a key target for payment companies.
As crypto adoption grows, Argentines are expected to increase the usage of cryptocurrency assets for payments, prompting more companies to follow Fiserv’s actions.
- What new feature is Fiserv introducing with its Clover platform in Argentina?
Fiserv will allow stablecoin and cryptocurrency payments through its Clover point-of-sale (POS) devices, enhancing payment functionality for merchants. - How does the payment process work for customers?
Customers can use a QR code that directs them to an exchange wallet for payment, with Fiserv managing the conversion to Argentine pesos for merchants. - What does Fiserv aim to achieve with this development?
Fiserv seeks to become the leading company for crypto payments in Argentina, allowing merchants to accept various payment methods and improving the transaction experience. - Why is this move significant for the Argentine market?
With over 20% of Argentines holding cryptocurrency, Fiserv’s integration aligns with the growing demand for crypto payments, making it a key player in Argentina’s evolving financial landscape.
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