Visa has rolled out Latin America’s first crypto cards, through partner companies in Brazil and Argentina.
Teaming up with fintech startups and firms in the region, Visa will issue cards that allow users to receive Bitcoin cashback with every payment made.
In 2021, Visa partnered with Argentinian crypto exchange, Lemon Cash, to release Visa cards offering a 2% Bitcoin cashback for every transaction. Visa is also set to launch Lemon Cash prepaid cards in Argentina, via an agreement with crypto trading platform Satoshi Tango, and Crypto.com cards.
Visa has fostered similar partnerships in Brazil with neobank Zro Bank and crypto-specialising firm Alterbank.
The payments giant is looking to expand crypto cashback cards throughout the region, including Mexico, Peru, and Colombia. Visa plans to build on crypto schemes in Latin America and the Caribbean by providing the regions with tools to expand digital currencies and manage the emerging NFT economy.
In a press release published by Visa, the company stated its long-term goals; “to add value to all forms of legitimate money movement, whether they originate on the Visa network, or beyond – this is key to our network-of-networks strategy, and our work in crypto is a great example of this. The company is focused on making Visa the simplest and most secure way to buy and/or use crypto through a Visa card.”
Earlier this year, fintech group Mode re-launched a Bitcoin cashback program following controversy in late 2021. The group was forced to retract claims that UK retailers Boots, Homebase and Ocado would participate in the scheme. CEO at the time, Ryan Moore, resigned shortly afterwards, succeeded by former Alipay exec, Rita Liu.