Payment card provider Visa now allows payments in bitcoin and crypto by card. Users can pay, buy or receive cryptocurrencies in Latin America.
Visa and Mastercard. These are the names of the two largest payment card providers in the world. Visa recently issued a statement that users can now pay by card with Bitcoin and crypto. Partnerships with various start-ups in Latin America make this possible.
Specifically, users should now be able to pay with crypto, buy crypto with Visa cards and receive crypto cashback from start-ups. Visa justifies this step with the adaptation of crypto worldwide and Visa’s contribution to it.
According to Romina Seltzer, Vice President of Innovation and Products at Visa Latin America:
“Cryptocurrencies continue to gain momentum in the region with increasing innovation, greater adoption and more crypto-activated use cases. We will continue to pursue the strategy of enabling cryptocurrencies for our customers.”
The company wants to support any legitimate form of money movement, whether it originates from the Visa network. According to Visa, buying Bitcoin or crypto via the card should be the easiest and safest way.
The company wants to use Latin American start-ups, especially for the cashback feature. Partnerships with Lemon Cash or Satoshi Tango in Argentina and with Crypto.com, Alterbank or Zro Bank in Brazil should support this project.
Above all, the partnership with Crypto.com should contribute to the hoped-for success in Latin America. Filomena Ruffa, Crypto.com’s manager in Latin America, commented:
“Through our products and the expansion of our card program with cashback functionality of up to 5%, we give consumers in the region an extra way to pay with crypto.”
“In South America, we see that cryptocurrencies are the solution to a concrete problem. They improve people’s lives. Lemon Cash wants to drive the revolution and offers 2% cashback in Bitcoin on all purchases made through Visa, ”said Borja Martel Seward, co-founder of Lemon Cash.
In addition to Argentina and Brazil, Mexico, Colombia and Peru are also among the targeted markets. In conjunction with Bitcoin and cryptocurrencies, Visa also offers infrastructure, advice and tools to better navigate the world of digital assets.
Bitcoin and crypto are not only popular with Visa
Just a few days ago, Mastercard announced that it had entered into a partnership with MercadoLibre. Known as Mercado Pago, the e-commerce giant already has a working crypto payment system.
MercadoLibre wants to be able to use a special technology from Mastercard to take a closer look at crypto transactions. It is a preventive measure in the field of money laundering and terrorist financing.
Paula Arregui, Mercado Pagos COO commented:
“In line with our corporate philosophy of democratizing financial services, we want to lower the barrier to entry. We want to offer an easy and secure way to invest in cryptocurrencies. “
The Bitcoin and cryptocurrency adoption rate is particularly high in the Latin American countries of Brazil and Argentina. Argentina has e.g. little below a terrible inflation for years – only in 2021 inflation was around 48%. From the chart attached above, it can be seen that Brazil has the highest rate with 41%.
Brazil in particular was an example a few weeks ago when the Senate approved a pilot law. It aims to achieve greater transparency and consumer protection for users affected by fraud. The responsible chamber is now deciding whether the law should enter into force.
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