Visa, one of the world’s largest payment companies, has announced the launch of a series of crypto-enabled cards in partnership with several fintech startups in Latam. These cards will allow users to use crypto, purchase crypto where Visa cards are accepted, and receive crypto cash back through various fintech partners in the region.
Visa offers crypto-enabled cards to fintech partners
More and more global payment companies are interested in mixing traditional fiat payments with more advanced solutions such as cryptocurrencies. Visa, one of the leading payment companies, announced last weekthat it has launched its first crypto-enabled card in Latamwith the idea of enabling more people to use cryptocurrencies through its payment network.
The company has partnered with several startups in the Latam area, including Lemon Cash and Satoshi Tango in Argentina, and Crypto.com, Alterbank, and Zro Bank in Brazil. The features that these new cards will include: paying in crypto, purchasing crypto via Visa-enabled crypto outlets, and also receiving purchase cash back in bitcoin.
Commenting on Visa’s intentions, Romina Seltzer, Senior Vice President of Products and Innovation at Visa Latin America and the Caribbean, said.
As the crypto ecosystem continues to gain momentum in the region with increased investment, growing consumer adoption and crypto-enabled use cases, we plan to continue our strong strategy to build the future of crypto and payments for our customers, partners and consumers.
Specific partnerships
Visa gave several examples of cooperation with Latam-based startups, and it mainly mentions the case of offering cash back in crypto for purchases. This is the case of the company’s partnership with Lemon Cash, which allows customers in Argentina to enjoy the aforementioned features. In this regard, Borja Martel Seward, co-founder of Lemon Cash, stated.
In the Latin American context, cryptocurrencies are a tangible solution to improve people’s lives, and at Lemon, we want to contribute to the cryptocurrency revolution throughout the region, offering 2% cash back in Bitcoin on all purchases made with Visa credentials. back on all purchases made with Visa credentials.
Crypto.com offers similar cash back rewards to its Brazilian customers, but with a higher cash back bounty, said Filomena Ruffa, General Manager for Latam at Crypto.com. Ruffa said, “We are very pleased to be able to offer a higher cash back bounty.
Through localized products and an expanded card program with up to 5% cash back rewards, we are offering consumers and businesses in the region a variety of ways to interact and trade with cryptocurrencies.
Visa’s direct competitor Mastercard has also shown interest in the latam market, partnering with Mercado Libre, one of the largest retailers in the region, to help secure transactions on their crypto exchange.
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