Visa, one of the biggest payments companies in the world, has announced the launch of a series of crypto-enabled cards in partnership with several fintech startups in Latam. These cards will allow users to spend crypto, purchase crypto where Visa cards are accepted for such, and also receive crypto cash back through different fintech partners in the region.
More global payment companies are taking an interest in mixing conventional fiat payments with more advanced solutions like cryptocurrencies. Visa, one of the leading payments companies, announced last week that it launched its first crypto-enabled cards in Latam, with the idea of enabling more people to use cryptocurrencies through its payments network.
The company partnered with several startups in Latam, including Lemon Cash and Satoshi Tango in Argentina, and other startups including Crypto.com, Alterbank, and Zro Bank in Brazil. The functions that these new cards will feature include paying with crypto, purchasing crypto via Visa-enabled crypto outlets, and also receiving purchase cash back in bitcoin.
About the intention of Visa, Romina Seltzer, senior vice president of products and innovation for Visa Latin America and the Caribbean, stated:
The crypto ecosystem continues to gain momentum in the region with increased investment, more consumer adoption, and more crypto-enabled use cases, and we will continue to build on our strong strategy to build the future of crypto and payments for our customers, partners and consumers.
Visa signaled several instances of cooperation with Latam-based startups that refer mostly to the case of offering cash back in crypto for purchases. This is the case of the company’s alliance with Lemon Cash, which enables Argentinian customers to enjoy the aforementioned feature. About this, Borja Martel Seward, Lemon Cash co-founder, stated:
In the context of Latin America, cryptocurrencies are a concrete solution to improve people’s lives. At Lemon we want to contribute to the cryptocurrency revolution throughout the region, and we offer a 2% cash back in Bitcoin for all purchases made with Visa credentials.
Crypto.com is offering similar cash back rewards to its customers in Brazil, but with a higher cash back bounty. Filomena Ruffa, general manager of Crypto.com for Latam, stated:
Through our localized products and the expansion of our card program with cash back benefits of up to 5%, we are offering consumers and businesses in the region different ways to interact and transact with cryptocurrencies.
Mastercard, Visa’s direct rival, has also shown interest in the Latam market, having inked a partnership with Mercado Libre, one of the biggest retailers in the area, to help it secure the transactions on its crypto exchange.
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