Visa rolls out its first Bitcoin and crypto-enabled cards in Latam
Visa, one of the largest payments companies in the world, has partnered with several Latam fintech startups to launch a series of crypto-enabled cards. These cards will allow users to spend crypto, purchase crypto where Visa cards are accepted as payment method.
The users in Latin America will also receive crypto cashback every time they spend with the cards. Colombia, Mexico, and Peru are also included in the company’s plans for introducing crypto cashback cards.
The payments giant has announced further plans for the region, saying that it is working with Argentinian crypto exchange Lemon Cash towards the launch of prepaid cards for Argentine citizens in conjunction with crypto trading platforms Crypto.com and Satoshi Tango.
Meanwhile, Visa is already working on promoting cryptocurrency in Brazil, through inking deals with crypto firm Alterbank and neobank Zro Bank.
Commenting on the purpose of the debut crypto-enabled Visa cards, senior vice president of products and innovation for Visa Latin America and the Caribbean, Romina Seltzer said, ‘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.’
Back in 2021, the payments giant launched a similar programme in partnership with startups such as Lemon Cash, Satoshi Tango in Argentina as well as Crypto.com, Alterbank, and Zro Bank in Brazil. These cards are made only for purchasing cryptocurrencies and have a voluntary option for users to sign up for a 2% Bitcoin cashback on every transaction with their ordinary card.
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.’
Photo: iStock/ onebluelight