Visa to Launch Multiple ‘Bitcoin Cashback’ Cards in Brazil and Argentina
The financial service giant Visa has launched its first crypto cards in Latin America. It will debut its new products in Brazil and Argentina.
Per the media outlet Expansión, Visa has announced “an alliance” with a number of fintech companies and IT startups in Brazil and Argentina. This will let users make transactions and receive crypto cashback via the new cards. In the official statement the company notes that the move “includes recently launched cryptocurrency card programs and partnerships” with fintech providers crypto exchange startups in the region.
This is the next step in the development of the sector in Latin America. The incentive follows Visa’s previous crypto-related activity. Late in 2021, the company collaborated with the Argentinian crypto exchange Lemon Cash to launch a card with 2% cashback in Bitcoin for all payments. The plans for the near future include issuing another card in collaboration with Lemon Cash, as well as one more card together with Satoshi Tango crypto exchange. Similar cards are to be released in Brazil in collaboration with neobanks Alterbank and Zro Bank.
Visa believes that cryptocurrencies are a potent financial tool for Latin America and intends to continue developing the sector.
“The cryptocurrency ecosystem continues to gain momentum in this region with increased investment, more consumer adoption, and more crypto-enabled usage cases. We will continue to build on our strategy to develop the future of crypto and payments for our customers, clients, partners, and consumers,” — Romina Seltzer, the Senior Vice President of Products and Innovation of Visa Latin America and the Caribbean.
The official statement adds that Visa is looking to develop card issuance projects in other Latin American nations, including Mexico, Colombia, and Peru.
In its turn, the Mexican crypto exchange Bitso has also stated its determination to issue a crypto card. According to the Bitso statement, the card will allow users to pay in Mexican pesos and receive BTC cashbacks. The company may choose to do it alone, however, rather than seeking to partner with a major card issuer like Visa. Bitso added that its card program would be open to all residents of Mexico who have Bitso accounts. However, it added that Bitso was also working to make the new card available in Argentina.