Thursday August 25, 2022 ▪ 2:00 pm ▪
min read – with
With around 440 million inhabitants, South America never fails to attract investors. Brazil, which has 216 million, easily takes the title of “cash cow” in the eyes of financial heavyweights like Visa. That is why this payment card specialist wants to launch other very attractive offers in the country of Samba. Guess the link to bitcoin!
Visa, a card to pay and receive rewards in bitcoin
Brazil is the “B” in BRICS, this group of 5 countries classified as major emerging powers at the beginning of the 21 countries.e century. No investor worth his salt would want to accidentally miss out on such potential. And Visa wants to seize the opportunity. To do this, it has teamed up with the Latin American exchange Ripio to launch a prepaid debit card in cryptocurrencies.
What about the advantage of this new product? Support for cryptocurrency payments of course. Which means that any holder of this card will be able to pay for goods and services throughout the territory of Brazil with the Real and the 28 cryptographic currencies listed by Ripio.
As the icing on the cake, Ripio’s CEO revealed that using this debit card will also allow for bitcoin cashback bonuses. They are set at 5%.
Currently, this Visa innovation only exists in a digital version. But by the end of the year, there will be around 250,000 physical cards distributed throughout Brazil. Definitely to support the adoption of the concept.
Another point to remember, the same card will also be launched in Argentina before the end of 2022. Other countries such as Colombia, Uruguay and Mexico will soon have the same privilege.
An improvement on current offers?
This is not Visa’s first attempt at launching “Bitcoin Cashback” cards in Brazil and South American countries. In fact, last June, the company already issued crypto cards including cashback bonuses in the country of Carnival and Argentina.
At that time, the bitcoin bonus percentage was 2%. As a reminder, this reward is automatically awarded to any Visa card user with every payment made with the card.
To launch the first Bitcoin Cashback cards in Brazil, Visa had to call on banks such as Alterbank and Zro Bank. Warren Buffet’s Nubank, the anti-bitcoin that owns a bitcoin-friendly bank, has yet to reach out to Visa.
The support of crypto exchanges Lemon Cash, Satoshi Tango and Crypto.com was also needed to provide the same offer to Argentina.
Crypto News reporters reported the comments of Romina Seltzer, Visa Latin America and senior vice president of product and innovation in the Caribbean, on the matter:
“The cryptocurrency ecosystem continues to grow in this region, with increased investment, higher consumer adoption, and more cryptocurrency-related use cases. We will continue to build on our strategy to develop the future of cryptocurrencies and payments for our customers, partners and consumers.»
As things go, the popularity of cryptocurrencies among Brazilians and Latin Americans will grow again and again. As long as major economic and financial actors are innovating, in terms of products and/or services, people will overcome all the obstacles in adopting these new assets.
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The blockchain and crypto revolution is underway! And the day the effects are felt on the most fragile economy in this world, against all hope, I will say that I was involved.