Visa, one of the world’s largest payments companies, has announced the launch of a range of crypto-enabled cards in partnership with several fintech startups in LATAM. These cards will allow users to spend crypto, buy crypto where Visa cards are accepted, and also receive crypto cash back through various fintech partners in the region.
Visa Offers Crypto-Enabled Cards to Fintech Partners
More global payments companies are increasingly interested in mixing traditional fiat payments with more advanced solutions such as cryptocurrencies. One of the leading payment companies, Visa, announced last week that it has launched its first crypto-enabled card in LATAM, the idea being to enable more people to use cryptocurrencies through its payment network.
The company partnered with several startups in LATAM, including Lemon Cash and Satoshi Tango in Argentina, and Crypto.com, AlterBank and Xero Bank in Brazil, among others. The functions these new cards will feature include paying with crypto, buying crypto through Visa-enabled crypto outlets, and receiving cash back purchases in bitcoin.
Regarding Visa’s intent, Romina Seltzer, senior vice president of products and innovation for Visa Latin America and the Caribbean, said:
The crypto ecosystem continues to gain momentum with increased investment in the sector, greater consumer adoption and more crypto-enabled use cases, and we build on our strong strategy to build the future of crypto and payments for our customers, partners. Will continue to do consumer.
exclusive partnership
Visa pointed to several examples of collaborations with LATAM-based startups, mostly citing the case of offering cash back in crypto for purchases. This is a case of the company’s tie-up with Lemon Cash, which enables Argentine customers to enjoy the above convenience. Speaking about this, Lemon Cash co-founder Borja Martel Seward said:
In the context of Latin America, cryptocurrencies are a solid solution to improve people’s lives. At Lemon we want to contribute to the cryptocurrency revolution across the region, and we offer 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. Philomena Raffa, crypto.com general manager for LATAM, said:
Through the expansion of our card program with our local products and cash back benefits of up to 5%, we are offering consumers and businesses in the region a variety of ways to interact and transact with cryptocurrencies.
Mastercard, Visa’s direct rival, has also shown interest in the LATAM market, having partnered with Mercado Libre, one of the largest retailers in the region, to help secure transactions on its crypto exchange.
What do you think about Visa’s launch of its crypto-enabled card in LATAM? Tell us in the comments section below.
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