Visa announced the launch of a series of crypto credit cards, in partnership with several fintech startups in Latin America.
An important partnership with local players
Visa a announcement collaborations with various fintech companies and IT startups in Brazil and Argentina, including Satoshi Tango in Argentina, and other start-ups like Crypto.com, Alterbank and Zro Bank in Brazil. that will allow users to transact with Visa cards and receive cryptocurrency cashbacks every time they spend.
This initiative includes recently launched cryptocurrency card programs and partnerships with fintech providers and crypto exchange startups in the region. Late last year, the company partnered with Argentinian 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.
Regarding this, Borja Martel Seward, co-founder of Lemon Cash, said:
” 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 figure is much higher now with the strong adoption of cryptocurrencies in South America. Indeed, bitcoin continues to attract in Argentina in order to fight against the growing inflation in the country.
A strategic area for Visa
Visa’s goal is to add value to all legitimate forms of money movement, 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 building the future of crypto and payments for our customers, partners and consumers. »
Crypto.com offers similar cash back rewards to its customers in Brazil, but with a higher cash back bonus, depending on the type of card selected by the user. Filomena Ruffa, Managing Director of Crypto.com for Latam, said:
” Through our localized products and the expansion of our card program with cash back benefits of up to 5%, we offer consumers and businesses in the region different ways to interact and transact with cryptocurrencies. »
CBDCs in South America
In addition, Visa is working with central banks to identify compelling use cases for central bank-issued digital currencies (CBDCs) and how to bring them to life through safe, convenient and trusted technologies that can be seamlessly integrated. seamlessly into the existing payments 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 collaboration between these forms of digital payment is possible.
Cryptocurrencies are increasingly popular in Latin America, mainly due to inflation, or hyperinflation, as well as the awareness work carried out by El Salvador. Visa shows its leadership status in cryptocurrency payment facilitation.
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Alexis Patin
Passionate about geopolitics, economy, cryptocurrency, Eurasia and travel! (as far east as possible), crypto-trader for 4 years.
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