Visa, one of the largest payment firms on the globe, has announced it is launching a long list of crypto-enabled cards that work in partnership with start-ups in Latin America. These cards will allow users to spend their cryptos and buy digital assets everywhere Visa is allowed.
Visa Gives Fintech Partners Crypto-Enabled Cards
More global firms are taking note and getting interested in combining traditional fiat payments with newer solutions, such as cryptos. Visa, one of the leading payment firms, has announced the launch of its first crypto-based card in Latin America (Latam). The idea is to allow more people to use cryptos in making payments.
The company partnered with a number of start-ups in Latam, including Satoshi Tango and Lemon Cash of Argentina. Others are Zro Bank, Alterbank, and Crypto.com in Brazil. The cards will facilitate functions such as making payments with cryptos, buying crypto assets through Visa-enabled outlets, and receiving purchase cash-back in Bitcoins.
According to Romina Seltzer, the senior vice president of products and innovation for Visa Latin America and the Caribbean, the crypto ecosystem is rapidly gaining momentum in Latam. She noted that this interest is notable through increased investment, more customer adoption, and growing crypto use cases. Therefore, VISA is committed to continuing building on its strategy to create the right channels for customers, partners, and consumers to use cryptos.
To drive its growth and entry into Latam, Visa partnered with Latam-based start-ups for assistance in offering cash back in crypto for purchase. One example is the partnership between Visa and Lemon Cash. This association will allow customers in Argentina to enjoy the aforementioned features.
“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,” expressed Morja Martel Seward, Lemon Cash co-founder.
In Brazil, Crypto.com is providing a similar cash-back system to customers. However, the cash-back bounty is pretty high. “Through our localised products and the expansion of our card program with cash-back benefits of up to 5%, we are offering consumers and businesses in the region different ways to interact and transact with cryptocurrencies, ” expressed Filomena Ruffa, the general manager of Crypto.com.