With approximately 440 million inhabitants, South America will never fail to attract investors. Brazil, which has 216 million, easily assumes the title of “cash cow” in the eyes of financial heavyweights like Visa. This is why this payment card specialist wants to launch other very attractive offers in the country of Samba. Guess the connection with 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 21e century. No investor worth their salt would want to miss out on such potential by accident. And Visa wants to seize the opportunity. To do this, it is joining forces 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 Brazilian territory with the Real and the 28 cryptographic currencies listed by Ripio.
As the icing on the cake, the CEO of Ripio pointed out that using this debit card will also allow bitcoin cashback bonuses. They are set at 5%.
For the moment, this Visa innovation only exists in a digital version. But by the end of the year, around 250,000 physical cards will be spread throughout Brazil. Certainly to boost 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 enjoy the same privilege.
An improvement of existing offers?
It’s not Visa’s first attempt at launching “Bitcoin Cashback” cards in Brazil and other South American countries. Indeed, last June, the company already issued crypto cards including cashback bonuses in the country of Carnival and in Argentina.
At that time, the bitcoin bonus percentage was 2%. As a reminder, this reward is automatically awarded to any Visa card user with each payment made with the card.
For the launch of the first Bitcoin Cashback cards in Brazil, Visa had to call on banks like Alterbank and Zro Bank. Warren Buffet’s Nubank, the anti-bitcoin that owns a bitcoin-friendly bank, has yet to be contacted by Visa.
The provision of the same offer for Argentines also required the support of crypto exchanges Lemon Cash, Satoshi Tango and Crypto.com.
The journalists of Crypto News reported the comments of Romina Seltzer, senior vice president of products and innovation of Visa Latin America and the Caribbean, on this subject:
“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.»
The way things are going, the popularity of cryptocurrencies among Brazilians and Latin Americans will grow again and again. As long as major economic and financial players innovate, in terms of products and/or services, people will overcome all the obstacles in the way of adopting these new assets.
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