Visa, one of the largest payments companies in the world, has announced a series of crypto-enabled cards in partnership with several fintech startups in Latin America. The cards will allow users to spend cryptocurrencies, buy cryptocurrencies that accept Visa cards, and get crypto cashback through different fintech partners in the region.
Visa Offers Crypto Cards to Fintech Partners
More and more global payments companies are interested in combining traditional fiat payments with more advanced solutions such as cryptocurrencies. Visa, one of the leading payment companies, Announce Last week, it launched its first crypto-enabled card in Latin America, aiming to allow more people to use cryptocurrencies through its payment network.
The company has partnered with several startups in Latin America, including Argentina’s Lemon Cash and Satoshi Tango, as well as Brazil’s Crypto.com, Alterbank, and Zro Bank, among others. The new cards will include features such as paying with crypto, purchasing crypto through Visa-enabled crypto outlets, and receiving cash back on purchases in bitcoin.
Regarding Visa’s intentions, Romina Seltzer, Visa’s senior vice president of products and innovation for Latin America and the Caribbean, said:
With increased investment, more consumer adoption and more crypto-enabled use cases, the crypto ecosystem in the region continues to gain momentum and we will continue to build on our strong strategy for our customers, partners and consumers.
Visa indicated several instances of working with Latin American startups, mainly in the case of offering cash back in the form of cryptocurrencies for purchases. This is the case with the company’s alliance with Lemon Cash, which enables Argentine customers to enjoy the aforementioned features. In this regard, Borja Martel Seward, co-founder of Lemon Cash, said:
In Latin America, cryptocurrencies are concrete solutions to improve people’s lives. At Lemon, we want to contribute to the cryptocurrency revolution across the region by offering 2% Bitcoin Cashback on all purchases made with Visa credentials.
Crypto.com offers similar cashback rewards to its Brazilian customers, but with higher cashback rewards. Filomena Ruffa, General Manager of Crypto.com Latin America, said:
Expanding our card program with our localized offerings and cash back benefits of up to 5%, we offer consumers and businesses in the region different ways to interact and transact with cryptocurrencies.
Visa’s direct competitor, MasterCard, has also shown interest in the Latin American market, Inked A partnership with Mercado Libre, one of the largest retailers in the region, to help it secure transactions on its cryptocurrency exchange.
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