Argentina, like many emerging markets, has low credit card penetration, which means that people don't make many digital purchases.
Bitcoin startup BitPagos, based in Buenos Aires, has developed Ripio Credit to solve this. Using the blockchain, the tech that drives bitcoin, it enables Argentinians to make purchases with credit -- without needing a credit card.
Ripio Credit verifies customer's identity using information like a Facebook account, a photo ID and a selfie to assess their creditworthiness, founder Sebastian Serrano said at TechCrunch Disrupt this week.
Once approved, users can opt to make a purchase in installments; Ripio tacks on a small interest rate. Customers can then either pay back monthly installments with their banking account or with cash at one of the 16,000 partner locations. The app is available in Argentina now and will launch in Brazil soon.
