Visa (NYSE: V) has introduced Latin America’s first crypto cards, through partner firms based in Brazil and Argentina.
Working cooperatively with Fintech startups and other companies in the region, Visa will reportedly issue cards that allow consumers to receive Bitcoin (BTC) cashback with each payment made.
Last year, Visa teamed up with Argentina-based digital currency exchange, Lemon Cash, in order to introduce Visa cards offering a 2% Bitcoin cashback for every transaction completed.
As noted in the update, Visa is also getting ready to launch Lemon Cash prepaid cards in Argentina. This would be via an agreement made with cryptocurrency trading platform Satoshi Tango and Crypto.com cards.
Visa has entered similar partnerships in Brazil with neobanking platform Zro Bank and crypto-focused service provider Alterbank.
Visa is planning to further expand crypto cashback cards across the region, including Mexico, Peru, and Colombia.
Visa intends to build on crypto schemes in Latin America and the Caribbean by offering the regions with tools needed to expand virtual currencies and manage the fast-evolving NFT ecosystem.
Visa’s management noted that the firm is focused on a long-term strategy which would be “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 payments giant is focused on offering the simplest, most intuitive and secure way to purchase or use cryptocurrencies through a Visa card.
Earlier in 2022, Fintech group Mode had re-launched a BTC cashback program following a bit of controversy las year.
The Group had been forced to take back claims that UK retailers Boots, Homebase and Ocado would take part in the scheme.
Company CEO at the time, Ryan Moore, had resigned soon afterwards, and was succeeded by former Alipay executive, Rita Liu.