The payment giant Visa launched its new crypto cards in the Latin America region – and will make its debut in Brazil and Argentina through a number of new partner companies.
According to media outlet Expansión, Visa has “announced an alliance” with various fintech companies and IT startups in Brazil and Argentina that will allow “users to transact” with Visa cards – and receive cash. cashback in cryptocurrencies each time they make payments.
In a statement, the company explained that this initiative “includes recently launched crypto card programs and partnerships” with fintechs and crypto exchanges in the region.
The move follows similar earlier activity by Visa related to cryptocurrencies in Latin America. Late last year, the company partnered with the Argentinian crypto exchange Lemon Cash to launch a Visa card that offers customers 2% cashback in bitcoins (BTC) when using the card to make payments.
Visa is also rolling out a Visa Lemon Cash prepaid card in Argentina. Its new partnerships also include a broadcast deal with Satoshi Tango, another Argentinian crypto trading platform. The cards Crypto.com Visa-branded products are also set to launch in the country.
In Brazil, similar offers will be launched in collaboration with the bank specializing in cryptocurrencies Alter Bank and the neobank Zero Bank.
The same media outlet claimed that this was proof that Visa “wants to join the cryptocurrency craze” and hopes to offer its partner companies “scalability” and “security” options.
Romina Seltzersenior vice president of product and innovation for Visa Latin America and the Caribbean, reportedly said:
“The crypto ecosystem continues to grow in this region, with increased investment, higher consumer adoption, and more crypto-related use cases. We will continue to build on our strategy to grow the future of cryptocurrencies and payments for our customers, partners and consumers.”
The article adds that Visa is looking to develop plans to launch cards in other Latin American nations, including Mexico, Colombia and Peru.
The Mexican Unicorn bitso, another crypto exchange, has also announced that it will issue its own card. According to its website, the card will also allow users to pay in Mexican pesos and receive BTC cashback.
The company could, however, seek to carry out this operation on its own, rather than partnering with a company like Visa. The company said its card program would be open to all residents of Mexico who have a Bitso account. She added that Bitso is “also working to make the new card available in Argentina.”
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