Visa launches crypto cards in Latin America

Visa announced the launch of a number of cryptocurrency cards in partnership with several fintech startups in Latin America.

An important collaboration with local actors

Visa announced partnerships with various fintech companies and IT startups in Brazil and Argentina, including Satoshi Tango in Argentina and other start-ups such as Crypto.com, Alterbank and Zro Bank in Brazil. which will allow users to trade in Visa cards and receive cryptocurrency cashbacks every time they use.

This initiative includes newly launched cryptocurrency card programs and partnerships with fintech providers and crypto-exchange startups in the region. Late last year, the company teamed up with Argentine cryptocurrency exchange Lemon Cash to launch a Visa card that offers customers 2% cashback in bitcoin (BTC) when they use the card to make payments.

Borja Martel Seward, co-founder of Lemon Cash, said about this:

In the context of Latin America, cryptocurrencies are a concrete solution to improve people’s lives. At Lemon, we want to help drive the cryptocurrency revolution across the region, and we offer 2% cash back in bitcoin for all purchases made with Visa credentials.. »

The platform had announced at the launch of this product that more than 100,000 people were on the waiting list, one can imagine that this number is much higher now with the strong adoption of cryptocurrencies in South America. In fact, bitcoin continues to attract in Argentina to fight the growing inflation in the country.

A strategic area for Visa

Visa’s goal is to add value to all legitimate types of money movements, whether within the Visa network or elsewhere. This is the key to Visa’s network strategy. The company is currently focused on making Visa the easiest and safest way to buy and / or use cryptocurrency using a Visa card.

Commenting on Visa’s intent, Romina Seltzer, senior vice president of product and innovation for Visa Latin America and the Caribbean, said:

The cryptocurrency ecosystem continues to grow in the region with increased investment, greater consumer adoption and more use cases for cryptocurrency, and we will continue to build on our strong strategy to build the future of crypto and payments for our customers, partners and consumers. »

Crypto.com offers similar cashback rewards to its customers in Brazil, but with a higher cashback bonus, depending on the type of card the user has chosen. Filomena Ruffa, CEO of Crypto.com for Latam, said:

Through our localized products and the expansion of our card program with cashback benefits of up to 5%, we offer consumers and businesses in the region different ways to interact and trade with cryptocurrency. »

CBDCs in South America

In addition, Visa works with central banks to identify compelling use cases for central bank-issued digital currencies (CBDCs) and how to bring them to life through secure, convenient and reliable technologies that can be seamlessly integrated. seamlessly in the existing payment ecosystem.

Visa is therefore working on all means of payment, South America is following in the footsteps of Israel and Hong Kong, which are also testing their own CBDC.

Visa decides not to decide and to work on both projects, which shows that cooperation between these forms of digital payment is possible.

Cryptocurrencies are becoming more and more popular in Latin America, mainly due to inflation or hyperinflation, as well as the awareness work carried out by El Salvador. Visa demonstrates its leadership status in cryptocurrency payment facilitation.

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Alexis Skate avatar

Alexis Patin

Passionate about geopolitics, economics, cryptocurrency, Eurasia and travel! (as far east as possible), crypto-trading for 4 years.

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