Visa, one the most important payments firms in the globe, announced that it will launch a number of crypto-enabled credit cards with Latam fintech companies. This card will enable you to buy and spend crypto. You can also get crypto cash back from different fintech partners.
Visa Partners with Fintech Partners to Offer Crypto-Enabled Credit Cards
There is a growing interest among global payment organizations to mix traditional fiat and cryptocurrencies. Visa, one the largest payment companies announced that last week it had launched the first crypto-enabled Latam cards with the goal of making it easier for people to use cryptocurrency through its network.
The partnership included Lemon Cash in Argentina and Satoshi Tango, in Brazil, as well as other startup partners like Crypto.com and Alterbank in Brazil. This new card will allow you to purchase cryptocurrency via Visa-enabled ATMs, as well as receive buy cash in bitcoin.
Romina Setzer, Senior Vice President of Products and Innovation for Visa Latin America was asked about the purpose of Visa.
As the region continues to see increased crypto investment and consumer adoption as well as more crypto-enabled use case, we will be continuing to strengthen our strategy to ensure the success of crypto and payment 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 cashback for purchases. This is the case of the company’s alliance with Lemon Cash, which enables Argentinian customers to enjoy the aforementioned feature. Borja Martel Seward from Lemon Cash, co-founder stated that this is the case.
In the context of Latin America, cryptocurrencies are a concrete solution to improve people’s lives. Lemon is committed to supporting the cryptocurrency revolution across the region and offers a 2% Bitcoin Cash Back for any Visa Credential purchases.
Crypto.com offers similar rewards in Brazil to customers, with a greater cash reward. Filomena Rufa, the general manager for Crypto.com Latam stated:
Our localized products as well as the expansion and cash-back benefits of our card program of up to 5 percent, allow consumers and companies in the area to use cryptocurrencies in a variety of ways.
Mastercard, Visa’s direct rival, has also shown interest in the Latam market, having inked a partnership with Mercado Libre, one of the biggest retailers in the area, to help it secure the transactions on its crypto exchange.
What do you think about Visa’s launch of its crypto-enabled cards in Latam? Leave a comment below.
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