Visa, the largest payments company in the world has announced that it will launch a series crypto-enabled card in partnership with several Fintech startups in Latam. These cards will enable users to use crypto and buy crypto wherever Visa cards are accepted. They also allow them to receive crypto cash back from different fintech partners.
Visa Offers Fintech Partners with Crypto-Enabled Card Cards
Global payment companies are increasingly interested in combining conventional fiat payments and more advanced solutions such as cryptocurrencies. , one of the most prominent payments companies, announced last Wednesday that it launched its first crypto enabled cards in Latam with the goal of making it easier for more people to use cryptocurrency through its payment network.
The company has partnered with many startups in Latam including Lemon Cash and Satoshi Tango (Argentina) and other startups such as Crypto.com, Alterbank and Zro Bank (Brazil). These cards will allow you to pay with crypto, purchase crypto via Visa-enabled outlets, and receive bitcoin cash back.
Romina Seltzer (senior vice president of products & innovation at Visa Latin America and the Caribbean), spoke out about the intentions of Visa.
With increased investment, greater consumer adoption and more crypto-enabled uses cases, the crypto ecosystem is gaining momentum in the region. We will continue to use our strong strategy to create the future of crypto payments for our partners, customers and consumers.
Partnering with specific companies
Visa has indicated several cases of cooperation with Latam’s startups. These include the offer of crypto cash back for purchases. The company’s partnership with Lemon Cash allows Argentinian customers to take advantage of the aforementioned feature. Borja Martel Seward (co-founder of Lemon Cash) stated this:
Cryptocurrencies are a practical solution for improving people’s lives in Latin America. Lemon wants to help the cryptocurrency revolution in the region. We offer a 2% Bitcoin cash back for all Visa-issued purchases.
Crypto.com offers similar cash back rewards to customers in Brazil but with a greater cash back bounty. Filomena Rufa, general manager at Crypto.com for Latam stated:
We offer consumers and businesses from the region different ways of using cryptocurrencies. This is possible through our localized products as well as the expansion of our card program that offers cash back benefits up to 5%.
Mastercard, Visa’s direct competitor, has shown an interest in Latam, having inked a partnership agreement with Mercado Libre to help it secure transactions on its crypto-exchange.
