The recent development is due to the fact that VISA intends to allow its customers to use and spend cryptocurrencies using their own payment network. As mentioned, the company has partnered with some startups in Latam, such as Satoshi Tango in Argentina and Lemon Cash. Other partners also include Alterbank, Crypto.com and Zro Bank in Brazil.
The new cryptocurrency-enabled VISA cards allow you to pay with cryptocurrencies or purchase cryptocurrencies at VISA-enabled outlets. Furthermore, they allow users to receive Bitcoin cashback. VISA said its cryptocurrency efforts in Latin America are already making good progress. These new partnerships with local startups in Latin America will help them present more opportunities. Romina Seltzer, Visa Senior Vice President of Products and Innovation for Latin America and the Caribbean, said:
As more and more people and businesses in the region continue to embrace cryptocurrency innovation, we at Visa are committed to being a key partner in delivering the connectivity, scale, security and value propositions needed to deliver. of cryptocurrencies grows and is widely accepted.
The cryptocurrency ecosystem continues to gain momentum in the region with increased investment, greater consumer adoption, and more cryptocurrency-enabled use cases, and we will continue to build on our robust strategy to build the future. of cryptocurrencies and payments for our customers, partners and consumers.
VISA evolves its strategy with cryptocurrencies
VISA says it is also focusing on becoming the simplest and safest way to buy and use cryptocurrencies through VISA cards. The American multinational has hinted that the reason for its collaboration with Latin American startups is to offer cash back in cryptocurrencies. Its partnership with Argentina's Lemon Cahs is particularly important in this respect. Borja Martel Seward, co-founder of Lemon, said:
In the context of Latin America, cryptocurrencies are a concrete solution to improve people's lives. We at Lemon want to contribute to the cryptocurrency revolution across the region and for this we offer a 2% cashback in Bitcoin for all purchases made with Visa credentials.
VISA will also partner with Crypto.com for some interesting cashback benefits. Filomena Ruffa, Crypto.com general manager for Latin America, said:
Through our localized products and the expansion of our card program with cashback benefits of up to 5%, we are offering consumers and businesses in the region multiple ways to interact and transact with cryptocurrencies.
To date, VISA has partnered with over 70 leading cryptocurrency platforms around the world. Cryptocurrency-enabled VISA cards allow users to spend digital goods at 80 million retail outlets around the world.
