Has anyone used the new financial app Peanut to send Mercado Pago payments in Argentina?

[Blockchain]

Have any of you used the new app called Peanut? I read about it on X. It seems like you can pay almost any store that takes QR payments from Mercado Pago which most stores when I was there allowed you to pay that way. If anybody has any experience first hand I'd love to read about it.

Peanut - Instant Global P2P Payments in Digital Dollars

Send and receive money instantly with Peanut - a fast, peer-to-peer payments app powered by digital dollars.

peanut.me

Exchange rates are better than blue rate.

Peanut - Instant Global P2P Payments in Digital Dollars

Send and receive money instantly with Peanut - a fast, peer-to-peer payments app powered by digital dollars.

peanut.me

 

[lemonade]

It looks like it has no reviews at all on Trust Pilot. Looks like it is new. How do you even sign up? Looks like you need invite code. Is it KYC? Do you have to give your ID?

Be the first to write a review about Peanut.

Your insights can help this company and all of your fellow shoppers.

www.trustpilot.com

 

[Bingo]

It looks like it has no reviews at all on Trust Pilot. Looks like it is new. How do you even sign up? Looks like you need invite code. Is it KYC? Do you have to give your ID?

Be the first to write a review about Peanut.

Your insights can help this company and all of your fellow shoppers.

www.trustpilot.com

According to their post on X no KYC unless you have to do anything bank related. I haven't tried it yet. It looks like it is still in Beta testing so be careful.

 

[Nasdaq]

It looks like it has no reviews at all on Trust Pilot. Looks like it is new. How do you even sign up? Looks like you need invite code. Is it KYC? Do you have to give your ID?

Be the first to write a review about Peanut.

Your insights can help this company and all of your fellow shoppers.

www.trustpilot.com

Is the company based in Montenegro? The Trust Pilot page says it is a company based there? Strange place to be based out of for software?

 

[Blockchain]

Is the company based in Montenegro? The Trust Pilot page says it is a company based there? Strange place to be based out of for software?

No it is not based there. That seems like an error. The Founder's last name looks like it is Montenegro.

https://x.com/uwwgo

 

[Bharat]

Have any of you used the new app called Peanut? I read about it on X. It seems like you can pay almost any store that takes QR payments from Mercado Pago which most stores when I was there allowed you to pay that way. If anybody has any experience first hand I'd love to read about it.

Peanut - Instant Global P2P Payments in Digital Dollars

Send and receive money instantly with Peanut - a fast, peer-to-peer payments app powered by digital dollars.

peanut.me

Exchange rates are better than blue rate.

Peanut - Instant Global P2P Payments in Digital Dollars

Send and receive money instantly with Peanut - a fast, peer-to-peer payments app powered by digital dollars.

peanut.me

My friend downloaded it and is using it. Just beware that the system can go down so I wouldn't depend on only that. He went to make a QR payment a few weeks ago and it would not work.

According to their post on X no KYC unless you have to do anything bank related. I haven't tried it yet. It looks like it is still in Beta testing so be careful.

That is what my friend said that it is not ready yet and some bugs with it. But he does not have a DNI and thought it was a good work around to get pesos at rates better than blue dollar. He was using only Western Union. He said WU's rates are actually better than Peanut but by the time you add in the WU fee I think it might be more. It may be a wash with fees. I am sticking to Western Union that always works and rates are high. Rates lately at WU are higher than Blue.

 

[Bingo]

My friend downloaded it and is using it. Just beware that the system can go down so I wouldn't depend on only that. He went to make a QR payment a few weeks ago and it would not work.



That is what my friend said that it is not ready yet and some bugs with it. But he does not have a DNI and thought it was a good work around to get pesos at rates better than blue dollar. He was using only Western Union. He said WU's rates are actually better than Peanut but by the time you add in the WU fee I think it might be more. It may be a wash with fees. I am sticking to Western Union that always works and rates are high. Rates lately at WU are higher than Blue.

Can you ask your friend how did he initially fund his account at Peanut? I assume with crypto? Can you ask for his invite code?

 

[VINO]

My friend downloaded it and is using it. Just beware that the system can go down so I wouldn't depend on only that. He went to make a QR payment a few weeks ago and it would not work.



That is what my friend said that it is not ready yet and some bugs with it. But he does not have a DNI and thought it was a good work around to get pesos at rates better than blue dollar. He was using only Western Union. He said WU's rates are actually better than Peanut but by the time you add in the WU fee I think it might be more. It may be a wash with fees. I am sticking to Western Union that always works and rates are high. Rates lately at WU are higher than Blue.

Looking online it sounds like some people are experiencing some problems. I know an American that had good results with it but she said she also had problems paying one night with QR payments.

 

[Betsy Ross]

It looks interesting but what happens if they go down? It looks like you need to transfer cash into the App from your bank via a wire or maybe a company like Coinbase. I asked my sister who knows more about crypto and she said you can easily buy USDC and then transfer it to the app but not sure what happens if the app crashes or the company goes out of business? It might be good just to use as needed with smaller amounts.

 

[lemonade]

It looks interesting but what happens if they go down? It looks like you need to transfer cash into the App from your bank via a wire or maybe a company like Coinbase. I asked my sister who knows more about crypto and she said you can easily buy USDC and then transfer it to the app but not sure what happens if the app crashes or the company goes out of business? It might be good just to use as needed with smaller amounts.

For someone that is not a crypto user and not too much of a techie this seems like too much risk for my comfort. The company sounds new. Has no reviews on Trust Pilot, the software says it is in Beta. A lot of the crypto world seems scammy. It doesn't seem like it is regulated at all. So many rug pulls of people getting fleeced and even Milei was involved in one.

One of my co-workers is involved with crypto and I asked them about this and they said it is new and not to put much money into it. He sent me this website that tracks fraud or losses in the crypto space.

I think I will stick to Western Union. It works incredibly well with no risks at all to me.

Web3 is Going Just Great

A timeline recording only some of the many disasters happening in crypto, decentralized finance, NFTs, and other blockchain-based projects.

www.web3isgoinggreat.com

 

[Nasdaq]

Great idea for the app but it still has some bugs. I used it a few times for QR payments and it works ok with a fabulous exchange rate. Today I got 1514.53 to $1 using the payment link. My wife's account her QR code does not work at all. It gives an error message when she tries to pay via QR code so not working at all.

Today I tried to transfer to my local bank account and the funds disappeared from my Peanut account but failed to make it to my local bank account. It said transaction failed but the funds are showing as gone. Maybe it takes time to reappear but there is no history of the transaction at all in Peanut which is concerning. I reached out to customer service but no response yet. So be aware there are bugs in it to work out.

 

[Wally]

Great idea for the app but it still has some bugs. I used it a few times for QR payments and it works ok with a fabulous exchange rate. Today I got 1514.53 to $1 using the payment link. My wife's account her QR code does not work at all. It gives an error message when she tries to pay via QR code so not working at all.

Today I tried to transfer to my local bank account and the funds disappeared from my Peanut account but failed to make it to my local bank account. It said transaction failed but the funds are showing as gone. Maybe it takes time to reappear but there is no history of the transaction at all in Peanut which is concerning. I reached out to customer service but no response yet. So be aware there are bugs in it to work out.

I don't like trying anything in beta. Please keep us updated if you get credited for the failed transactions.

 

[Nasdaq]

I don't like trying anything in beta. Please keep us updated if you get credited for the failed transactions.

I did get credited today for the 2 transactions. Their customer support team reached out and said that the two transactions failed due to my monthly limit with their provider. Apparently the monthly limit is 6,000,000 pesos and they told me I only had 350,000 pesos available for this month. They said they are working to deploy this information in the app and also to block these transactions in the future.

I am not clear if it would have automatically credited if I didn't contact them as they never showed the failed transactions in the app which is concerning. Also, immediately after they credited the $987 USD back in failed transactions, I did another test to see if the 350,000 pesos would work as they said I had that left for this month but it also failed and the same thing happened. The funds disappeared from my account. I assume they will credit it again.

It would be a good idea if they showed how much you have left for your monthly limit and block the transactions so this doesn't happen.

 

[Blockchain]

I did get credited today for the 2 transactions. Their customer support team reached out and said that the two transactions failed due to my monthly limit with their provider. Apparently the monthly limit is 6,000,000 pesos and they told me I only had 350,000 pesos available for this month. They said they are working to deploy this information in the app and also to block these transactions in the future.

I am not clear if it would have automatically credited if I didn't contact them as they never showed the failed transactions in the app which is concerning. Also, immediately after they credited the $987 USD back in failed transactions, I did another test to see if the 350,000 pesos would work as they said I had that left for this month but it also failed and the same thing happened. The funds disappeared from my account. I assume they will credit it again.

It would be a good idea if they showed how much you have left for your monthly limit and block the transactions so this doesn't happen.

Thanks @Nasdaq for posting about your experience with Peanut. I signed up but a little hesitant to use them based on hearing about these problems. I doubt I will be using it so much. 6 million pesos per month is a hefty amount!

 

[Bingo]

What is the main benefit of using them if you already have a local bank account @Nasdaq? I am just trying to understand the use case?

 

[Nasdaq]

Thanks @Nasdaq for posting about your experience with Peanut. I signed up but a little hesitant to use them based on hearing about these problems. I doubt I will be using it so much. 6 million pesos per month is a hefty amount!

Anything that is in beta probably will have bugs. I am ok with that but felt like it would be fair to post about my experiences. They seem like a good company. My other 350,000 peso error/bug was refunded 24 hours later. They are having some problems so if you use it probably it would be good to understand what being a beta tester means.

What is the main benefit of using them if you already have a local bank account @Nasdaq? I am just trying to understand the use case?

One of my clients pays me in crypto with USDC so it is a good way to off ramp these dollars and get pesos with them at a favorable exchange rate. Case in point, today the casa de cambio near my apartment was only paying 1460 to $1 and Peanut's rate today was 1514.53 to $1.

The official rate is only 1450 to $1. I would rather send in my crypto and be able to use it at these higher exchange rates. Sending from Coinbase to Peanut is instantaneous too.





Just make sure to send it on the right network! Peanut uses Arbitrum. I almost had a heart attack as I sent it to Peanut on Base network from my Coinbase account. I thought I totally lost out on $2,500 crypto transfer to Peanut but they had a link to refund the payment. I thought I was screwed sending it via Base but was able to recover the funds. Double check and make sure you are sending USDC via Arbitrum network.

 

[lemonade]

Anything that is in beta probably will have bugs. I am ok with that but felt like it would be fair to post about my experiences. They seem like a good company. My other 350,000 peso error/bug was refunded 24 hours later. They are having some problems so if you use it probably it would be good to understand what being a beta tester means.


One of my clients pays me in crypto with USDC so it is a good way to off ramp these dollars and get pesos with them at a favorable exchange rate. Case in point, today the casa de cambio near my apartment was only paying 1460 to $1 and Peanut's rate today was 1514.53 to $1.

The official rate is only 1450 to $1. I would rather send in my crypto and be able to use it at these higher exchange rates. Sending from Coinbase to Peanut is instantaneous too.

View attachment 10155



Just make sure to send it on the right network! Peanut uses Arbitrum. I almost had a heart attack as I sent it to Peanut on Base network from my Coinbase account. I thought I totally lost out on $2,500 crypto transfer to Peanut but they had a link to refund the payment. I thought I was screwed sending it via Base but was able to recover the funds. Double check and make sure you are sending USDC via Arbitrum network.

View attachment 10156


View attachment 10157

Thanks for all the great info. I guess without beta users it would be impossible to work out the kinds with software. I don't know what all of this means about network but it sounds too stressful for me to worry about losing money on wrong networks!

 

[Betsy Ross]

Glad you got the funds back @Nasdaq. That exchange rate is wonderful. How does that work with Mercado Pago? I noticed the logo in your photo of Mercado Pago. Does it use the Mercado Pago network for payments? How does that work?

 

[Bharat]

Glad you got the funds back @Nasdaq. That exchange rate is wonderful. How does that work with Mercado Pago? I noticed the logo in your photo of Mercado Pago. Does it use the Mercado Pago network for payments? How does that work?

I have been using it a few times. Once you send in funds via USDC it credits almost immediately. Then you will have money in your Peanut account and you can pay with QR code at places that take QR code payments and the payment processes through Mercado Pago network. It will tell you the exchange rate. Today was 1514.83 to $1 USD.

I do not use it for big transactions but it works ok just using USDC to fund the account and then paying with QR code at places that allow that.

 

[Johnny]

I signed up for an account but have not used it yet. I plan to in a few months when I'm back. It might be helpful since I can't open up a bank account there since I do not have a DNI. Is it still impossible to open up a bank account without having residency there? I tried several banks and was not successful.