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Tuesday, March 28, 2023

Visa Launches Bitcoin and Crypto Enabled Cards in Latam

Visa Launches Bitcoin and Crypto Enabled Cards in Latam – A growing number of global payment firms are interested in combining fiat payments with more advanced solutions such as cryptocurrencies. Last week, Visa, one of the world’s largest payment companies, announced the launch of its first crypto-enabled cards in Latin America, with the goal of allowing more individuals to use cryptocurrency through its network.

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Lemon Cash and Satoshi Tango in Argentina, as well as Crypto.com, Alterbank, and Zro Bank in Brazil, are among the Latam startups with which the company has worked. These new cards will allow users to pay with cryptocurrency, purchase cryptocurrency through Visa-enabled crypto retailers, and receive purchase cash back in bitcoin.

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Romina Seltzer, senior vice president of products and innovation for Visa Latin America and the Caribbean, stated the following about Visa’s intentions:

“With greater investment, consumer adoption, as well as more crypto-enabled use cases in the region, the crypto ecosystem is gaining traction, and we will keep building on our strong strategy to build the future of crypto and payments for our clients, partners, and consumers.”

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Visa has mentioned various instances of collaboration with Latam-based startups, the most notable of which is the case of offering crypto currency back for purchases. This is the case with the company’s partnership with Lemon Cash, which allows Argentinian clients to take advantage of the previously described service.

Lemon Cash co-founder Borja Martel Seward has this to say about it:

“Cryptocurrencies are a practical answer for improving people’s lives in Latin America. Lemon wants to be a part of the cryptocurrency boom in the region, thus we offer a 2% cash back in Bitcoin for any Visa credit card purchases.”

Customers in Brazil can get similar cash back benefits from Crypto.com, but with a greater cash back bounty. According to Filomena Ruffa, general manager of Crypto.com for Latin America,

“We are offering consumers and companies in the region additional opportunities to interact and transact with cryptocurrencies through our localized products and the growth of our card program with cash back advantages of up to 5%.”

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Mastercard, Visa’s main competitor, has also expressed interest in the Latin American sector, partnering with Mercado Libre, one of the region’s largest retailers, to help protect transactions on its crypto exchange.

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