A major payment industry giant, Visa has taken another giant stride. The company has launched several crypto-supported cards while partnering with startups in LatAm.
Visa Issues Crypto-Supported Cards
Currently, several payment firms are showing interest in the crypto industry. Visa, a leading payment company, has launched a crypto-supported card for users in LatAm. The purpose is to allow more users to use crypto via its payment network.
Additionally, the company has partnered with startups in the region. Among them are Lemon Cash, Crypto.com, Satoshi Tango, Alterbank, And Zro.
Meanwhile, the company noted that these crypto-supported cards have several benefits. Users can make payments using crypto and buy crypto at supported outlets. Also, they will receive BTC cashback for every transaction.
Furthermore, Romina Seltzer commented on the expansion. Seltzer is the company’s Senior Vice President of Innovation and Products for the Caribbean and Latin America. Seltzer noted that:
“Presently, the crypto industry is gaining momentum in the region. There has been increased investment, adoption, and usage of crypto. We will continue to improve our strategy to build a future of crypto-based payments for users.”
Partnerships Between Card Companies And Crypto Exchanges
Visa has sparked several partnerships with startup companies in LatAm. The company offered crypto cash back for all purchases with these startups.
For instance, Visa partnered with Lemon Cash with crypto cash back for Argentines. According to the co-founder of Lemon Cash, Borja Martel:
“In Latin America, cryptos are a great way to improve the lives of the people. Lemon Cash wants to be a part of the crypto revolution in the region. As a result, we offer 2% BTC cash back for purchases made using Visa credentials.”
Crypto.com, another crypto firm, has announced similar cashback rewards for its users in Brazil. However, the cashback is larger this time. Crypto.com’s general manager, Filomena Ruffa, stated that:
“We have several local products and have expanded Crypto.com’s card program. The cash back rewards are over 5%. With our services, businesses and consumers can transact with crypto.”
Mastercard, a direct rival to Visa, has also signified interest in LatAm. As a result, the credit card company collaborated with Mercado Libre, an online marketplace.
Mercado Libre is among the biggest retailers, headquartered in Buenos Aires, Argentina. Mastercard’s partnership aims to secure its transition on the company’s cryptocurrency exchange platform.
More also, payment companies are not the only ones integrating crypto into their service. Financial institutions such as banks are also embracing the crypto industry.