Visa Introduces Bitcoin and Crypto Cards in Latin America

 Visa Introduces Bitcoin and Crypto Cards in Latin America

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 Latin America. These cards will allow users to spend crypto, purchase crypto where Visa cards are accepted, and also receive crypto cash back through different fintech partners in the region.

Visa Provides Crypto-Enabled Cards

More global payment companies are taking an interest in adding conventional fiat payments along with more advanced solutions like cryptocurrencies. Visa is one of the leading payments companies that announced last week of having launched its first crypto-enabled cards in Latin America, with the idea of enabling more people to use cryptocurrencies through its payments network.

The company has partnered with several startups, including Lemon Cash and Satoshi Tango in Argentina, and other startups including Crypto.com, Alterbank, and Zro Bank in Brazil. These new cards will have features that include paying with crypto, purchasing crypto with Visa-enabled crypto outlets, and receiving cashback in bitcoin.

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."

Specific Partnerships

Visa inked cooperation with several Latin American-based startups, 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 cashback feature. 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 stated:

"Through our local products and the expansion of our card program cashback benefits of up to 5%, we are offering consumers and businesses in the region different ways to interact and transact with cryptocurrencies."

Visa’s direct rival, Mastercard, has also shown interest in the Latin American market. It has inked a partnership with Mercado Libre, one of the biggest retailers in the area, to help it secure the transactions on its crypto exchange.