Visa, one of the world’s largest financial payment institutions, has announced the introduction of a set of crypto-enabled payment cards in collaboration with several Latin American fintech startup companies. The above-mentioned cards will permit users to pay cryptocurrency, purchase cryptocurrency within the countries in which Visa cards are acknowledged, and accept cryptocurrency reward points from various fintech partners and allies.
Nowadays, almost every payment gateway organization is interested in combining traditional fiat payments with far more comprehensive solutions such as virtual currencies and crypto payments.
Visa is one of the world’s largest payment merchants, and they recently announced the launch of the first-ever crypto-based cards in Latin America, with the view of engaging more people to use cryptocurrencies through their payment system conveniently.
The company collaborated with many startups in Latin America, like Brazilian startup Crypto.com and Lemon Cash, which is established in Argentina. These new cards from these startups will include the ability to pay with cryptocurrency, purchase cryptocurrency through Visa-enabled crypto outlets, and receive purchase cashback in crypto payments.
While talking about Visa’s long-term visionaries, Romina Seltzer, who is the senior vice president of merchandise and innovative thinking for Visa in Latin America, said that with increased investment and spending habits, growing customer adoption, and even more crypto-enabled utilization cases, the region’s crypto ecosystem is gaining traction, and the company will continue to build on strong strategies to create the prospect of crypto and transactions for payments for their consumers, associates, and customers, which will eventually create a revolution in the cryptosphere.
#Visa, one of the leading payments companies, announced last week that it launched its first crypto-enabled cards in #Latam, with the idea of enabling more people to use #crypto with its services. https://t.co/FrCWmqt3ni
— Bitcoin News (@BTCTN) June 21, 2022
Partnership and collaboration of the project
Visa announced several instances of collaboration with Latin American startups, most notably the case of paying cashback in cryptocurrency for purchases. This is really the case with the company’s partnership with Lemon Cash, which allows Argentine consumers to find or to enjoy the above-mentioned function.
On this topic, Lemon Cash co-founder Borja Martel Seward mentioned that cryptocurrencies are a tangible solution with which to improve and enhance people’s lives in Latin America. The company wants to contribute to the region’s cryptocurrency revolution, so they offer a 2% cash back in cryptocurrency for all items purchased with Visa credentials.
In Brazil, the popular startup company Crypto.com provides similar cashback benefits and gives money back with every transaction, but with a higher cashback rate. Filomena Ruffa, who is Crypto.com’s Latin American general managing partner, said that they are providing different ways for businesses and consumers in the territory to communicate and conduct business with cryptocurrencies through our localized merchandise and the advancement, as well as the development of our card program with cashback, rewards benefits of up to 5%.
Mastercard, Visa’s major competitor, has also taken an interest in the Latin American market, forming an alliance with Mercado Libre, one of several of that region’s largest retailers, to fully protect transaction records on its cryptocurrency exchanges.