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Visa partners with Brazilian and Argentine firms to launch multiple "Bitcoin Cashback" cards

16-Jun-2022 By: Shikha Jha
Visa partners with B

Visa partners with Brazilian and Argentine firms to launch multiple "Bitcoin Cashback" cards

Visa, the world's largest payments company, has introduced its first crypto cards in Latin America, with a number of new partner companies it also launching its new products in Brazil and Argentina.

Visa has "launched an agreement" with several fintech businesses and IT startups in Brazil and Argentina, according to sources, which would allow "users to complete transactions" with Visa cards while also receiving crypto cashbacks.

The business noted in a statement that the move involves relationships with financial providers and crypto exchange companies in the region, as well as recently established cryptocurrency card programs.

Late last year, the business partnered with the Argentinian crypto exchange Lemon Cash to develop a Visa card that gives clients 2% bitcoin (BTC) rewards when they use it to make purchases.

Visa is also offering a Visa Lemon Cash prepaid card in Argentina. An issuance agreement with Satoshi Tango, another Argentinian crypto trading site, is also part of its new collaboration partnerships. In addition, Visa-branded cards will be available across the country.

In Brazil, comparable services will be available in collaboration with Alterbank, a crypto-focused bank, and the neobank Zro Bank.

According to the same news site, this is proof that Visa wants to get involved in the cryptocurrency boom and wants to provide "adaptability" and "security" choices to its partners.

According to Romina Seltzer, Visa Latin America and the Caribbean's Senior Vice President of Products and Innovation, "the crypto ecosystem continues to gather pace in our area with higher investment, more consumer acceptance, and more crypto-enabled usage cases." For our users, partners, and consumers, we will continue to build on our plan to construct the future of crypto and payments.

Visa is also trying to build card issuing programs in other Latin American countries, including Mexico, Colombia, and Peru, according to the article.

Another crypto exchange, the Mexican unicorn Bitso, has also stated that it will produce its own card. The card will also allow users to purchase in Mexican pesos and get BTC cashback, according to its website.

However, rather than partnering with a large card issuer like Visa, the startup may go it alone. All inhabitants of Mexico with Bitso accounts will be eligible for the card program, according to the company. Bitso was also "trying to make the new card available in Argentina," according to the statement.

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