Visa multiplies partnerships for BTC cashback cards in Latin America

Visa multiplies partnerships for BTC cashback cards in Latin America

Payments giant Visa continues to roll out new crypto debit cards in Brazil and Argentina through partnerships with various local fintechs. Last effective launch, a Ripio prepaid card with 5% cashback in bitcoin until October 31.

Visa multiplies crypto cards in Latin America
This is not Visa's first attempt at debit cards offering bitcoin cashback through its partners. Particularly in Latin America, knowing that the region ranks fifth in the world for cryptocurrency adoption , consistently capturing between 8% and 10% of its global business.

In fact, anxious not to stop on such a good path, the company has garnered new partnerships with several financial technology companies in Brazil and Argentina, as it had indicated in June to the media Expansion .

Associated with Lemon Cash, an Argentinian crypto exchange, Visa launched a card in 2021 offering 2% cashback in bitcoin. With the same partner, the American leader in payment solutions, today adds prepaid cards for users in Argentina, in collaboration with the crypto trading platform Satoshi Tango and Crypto.com cards .

In Brazil, similar offers are coming in collaboration with the crypto-specialized digital bank Alterbank and the neobank Zro Bank .

Partnership with the Ripio exchange
Above all, Visa has also teamed up with the Ripio exchange, which recently distinguished itself by partnering with a major commercial crypto project , for a prepaid debit card in cryptocurrencies.

Any holder of this currently digital-only card can already pay for goods and services anywhere in the world that supports Visa transactions at no cost. The icing on the cake: a 5% bitcoin bonus is granted until October 31 , to boost demand.

The 5% cashback in BTC is a great return tool for users and certainly far superior to the options offered by traditional financial institutions.

Sebastian Serrano, CEO of Ripio, at Media Portal do Bitcoin
The company hopes to launch 250,000 cards by the end of the year, bringing the product to the one million users it has in the country.

The card will allow payments in Brazilian reals and in the 28 cryptocurrencies listed by Ripio on its platform.

It should be available to Argentine residents by the end of the year, before being extended to Colombia, Uruguay and Mexico.

The crypto eldorado
Latin America, with its 665 million inhabitants who have many crypto enthusiasts due in particular to extremely degraded economic conditions – the endemic scourge of inflation and the sometimes crazy devaluation of fiduciary currencies – attracts covetousness .

The cryptocurrency ecosystem continues to grow in this region, with increased investment, higher consumer adoption, and more cryptocurrency-related use cases. We will continue to build on our strategy to develop the future of cryptocurrencies and payments for our customers, partners and consumers.

Romina Seltzer, senior vice president of product and innovation for Visa Latin America and the Caribbean, in Expansion
Visa is not the only one to develop a strategy of conquest there. The giants of the crypto sector are also making sustained efforts there by buying local exchanges, like Huobi with Bitex , by launching like Tether a stablecoin backed by the Mexican peso , or/and by opening regional branches like Binance in Rio de Janeiro who, by the way, got his hands on the Brazilian brokerage firm Simpaul Investimento. Coinbase 's initiative to buy the Brazilian unicorn 2TM, on the other hand, was unsuccessful, but the exchange has also developed a remittance pilot project with Mexico.which could turn out to be very fruitful.

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