One of the world’s biggest payment companies, Visa has announced that it has entered into partnerships with a number of fintech companies in Latin America with the purpose of launching crypto-enabled cards. Users will be able to take advantage of these cards for buying crypto on platforms that support Visa purchases, spending crypto and will also be able to get cash back in crypto. This will be accomplished through the partnerships it has established with fintech companies.
An increasing number of global payment companies are taking an interest in the crypto space and have combined their traditional fiat currency services with advanced solutions in the form of these digital currencies. One of the most renowned payment companies, Visa announced in the previous week that it is launching crypto-enabled cards in Latin America, as their goal is to give more people access to cryptocurrencies via its payments network.
Visa disclosed that they will accomplish this goal by entering into partnerships with a number of fin-tech startups in Latin America, such as Brazil’s Zro Bank, Alterbank, Crypto.com, Argentina’s Satoshi Tango and Lemon Cash. People will be able to use these crypto-enabled cards for spending their digital currencies, buying them at outlets that are Visa-enabled and also allow cash back in bitcoin.
Crypto Growth in Latam
The senior vice president of Visa’s products and innovations in Latin America and the Caribbean, Romina Setlzer said that the crypto industry has garnered a lot of momentum in Latam. This is primarily because of increased consumer adoption and investment and more use cases of cryptocurrencies.
He said that their aim was to work towards the future of cryptocurrencies and payments for their clients and partners. The growth of crypto in Latin America has not just attracted Visa, but has also drawn the attention of its direct competitor, MasterCard as well. The company has partnered with one of the biggest retailers in Latam called Mercado Libre, to assist in securing transactions conducted on its crypto exchange.
Visa has engaged in partnerships with a number of startups based in Latin America, particularly for offering its customers the ability of cash back on purchases in terms of cryptocurrencies. Lemon Cash is one such startup that will provide this facility to people in Argentina.
The co-founder of Lemon Cash, Borja Martel Seward said that cryptocurrencies can play a key role in improving the lives of people in Latin America. He said that Lemon Cash also wants to make a contribution to Latam’s crypto revolution, so all purchases made with Visa cards would have a 2% cash back offer available in Bitcoin.
Similar cash back rewards are being offered to Brazilians by Crypto.com, but the bounty is a bit higher. Crypto.com’s general manager for Latin America, Filomena Ruffa said that they were offering 5% cash back benefits to businesses and consumers in the region when they transact and interact with cryptocurrencies. This would certainly be lucrative for crypto users in the region and benefit Visa as well.