Visa, one of the largest payment companies in the world, announced the launch of a series of crypto-enabled cards in partnership with several fintech startups in Latin America. These cards will allow users to spend cryptocurrencies, buy cryptocurrencies where Visa cards are accepted and also receive cash back through different fintech partners in the region.
More global payment companies are interested in mixing conventional fiat payments with more advanced solutions such as cryptocurrencies. Visa, a leading payments company, announced last week that it has launched its first crypto-enabled cards in Latin America, with the idea of allowing more people to use cryptocurrencies through its payments network.
The company has partnered with several startups in Latin America, including Lemon Cash and Satoshi Tango in Argentina, and other startups such as Crypto.com, Alterbank and Zro Bank in Brazil. The functions that these new cards will introduce include paying with cryptocurrencies, purchasing cryptocurrencies through Visa-enabled cryptocurrency stores, and also receiving purchase money in bitcoin. On Visa's intent, Romina Seltzer, Senior Vice President of Products and Innovation at Visa Latin America and the Caribbean, said:
The cryptocurrency ecosystem continues to gain traction in the region with greater 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 cryptocurrency and payments for our customers, partners and consumers.
Visa has flagged several cases of cooperation with startups in Latin America that mainly refer to the case of offering cash back in cryptocurrencies for purchases. This is the case of the company's alliance with Lemon Cash, which allows Argentine customers to take advantage of this resource. Borja Martel Seward, co-founder of Lemon Cash, said:
In the context of Latin America, cryptocurrencies are a concrete solution to improve people's lives. At Lemon, we want to contribute to the region-wide cryptocurrency revolution and offer a 2% Bitcoin cashback for all purchases made with Visa credentials.
Crypto.com is offering similar cash rewards to its customers in Brazil, but with a larger reward. Filomena Ruffa, Crypto.com General Manager for Latin America, stated:
Through our localized products and the expansion of our card program with cashback benefits of up to 5%, we are offering consumers and businesses in the region different ways to interact and transact with cryptocurrencies.
Mastercard, a direct rival to Visa, has also shown interest in the Latin market, having partnered with Mercado Libre, one of the biggest retailers in the area, to help it secure transactions on its cryptocurrency exchange.
