Mark Weaden
International payment processing company Visa has launched its first crypto cards in Latin America (LATAM), with the cards to debut in Brazil and Argentina through various new partner firms.
What Has Visa Said?
The announcement came via the media outlet Expansión, stating the company had “announced an alliance” with numerous fintech companies and IT startups in Brazil and Argentina. The company will allow “users to make transactions” with Visa debit cards, which will give them cash back on every purchase made.
The company statement went on to say that the release of the cards “includes recently launched cryptocurrency card programs and partnerships”, bringing together the best crypto minds in the region.
Not The First Moves From Visa in LATAM
Visa has been active in LATAM, launching a project late last year with Argentinian crypto exchange Lemon Cash to launch a Visa card. The card was a unique offering, gifting customers a 2% bitcoin (BTC) cashback when they use the card to make payments of any kind.
Visa’s new partnerships will now roll out the Visa Lemon Cash prepaid card in Argentina, as well as with the Argentinian platform Satoshi Tango. Given that Argentina has such a thriving cryptocurrency scene, major American exchange Crypto.com is also rolling out Visa-branded cards in the country.
Visa has a clear vision for crypto in the region and intends to be on the front foot in the market, with the Senior Vice President of Products and Innovation of Visa Latin America and the Caribbean stating: “The cryptocurrency ecosystem continues to gain momentum in this region with increased investment, more consumer adoption, and more crypto-enabled usage cases. We will continue to build on our strategy to develop the future of crypto and payments for our customers, clients, partners, and consumers.”
With a foot in the door in Argentina and Brazil, Visa is also looking to develop projects in other LATAM nations, including Columbia, Mexico, and Peru.
While Visa has been favored by the vast majority of crypto exchange firms in the region, the leading Mexican exchange Bitso has announced it will issue its own company—and may go it alone. Bitso hopes to offer the card for users to withdraw funds in both digital currency and the Mexican Peso.
