Payments giant Visa unveils its first crypto-enabled cards in Latin America in collaboration with several fintech startups in the region.
According to the announcement, “these cards will allow users to spend crypto, purchase crypto where Visa cards are accepted for such, and also receive crypto cash back.”
Customers will be able to collect cashback in Bitcoin for each payment they make, whether online or in-store, which is a first for Latin America.
Visa implemented a similar initiative in 2021 in collaboration with the Argentine crypto exchange Lemon Cash.
Unlike the new cards, which serve solely as a vehicle for using crypto for purchases, the former system was voluntary, with Visa customers able to sign up for a 2% Bitcoin cashback on every transaction made with their regular card.
The payments giant announced that it is collaborating with Lemon Cash to launch prepaid cards for Argentine nationals in collaboration with crypto trading platforms Crypto.com and Satoshi Tango.
Colombia, Mexico, and Peru are also rumored to be in Visa’s plans to launch crypto cashback cards. Visa is already striving to popularize cryptocurrency in Brazil, signing deals with crypto firms Alterbank and neobank Zro Bank.
Visa’s main rival Mastercard has also shown a liking towards the Latin American market as it entered into a collaboration with Mercado Libre, one of Latam’s largest retailers.