Crypto: Visa Promises Bitcoin (BTC) Rewards to Brazilians

Thu 25 August 2022 ▪ 2:00 PM ▪

4
min read – by
Mikaia ANDRIAMAHAZOARIMANANA

With about 440 million inhabitants, South America will always attract investors. Brazil, which has 216 million, easily assumes the title of ‘cash cow’ in the eyes of financial heavyweights like Visa. Therefore, this payment card specialist wants to launch other very attractive offers in the land 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 accidentally miss out on such potential. And Visa wants to seize that 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. That 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 crypto currencies listed by Ripio.

As icing on the cake, Ripio’s CEO pointed out that using this debit card also allows bitcoin cashback bonuses. They are set at 5%.

For now, this Visa innovation only exists in a digital version. But by the end of the year there will be about 250,000 physical cards scattered all over Brazil. Certainly to stimulate the adoption of the concept.

Another point to remember is that 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 is not Visa’s first attempt to launch “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 every Visa card user with every payment made with the card.

For the launch of the first Bitcoin Cashback cards in Brazil, Visa had to rely 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.

Offering the same offer to Argentines also required the support of crypto exchanges Lemon Cash, Satoshi Tango and Crypto.com.

visa-lemon-cash
Release of the Visa Lemon Cash card last June

Crypto News reporters reported the comments of Romina Seltzer, Visa Latin America and Caribbean senior vice president of product and innovation:

The cryptocurrency ecosystem continues to grow in this region, with more 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 it stands, the popularity of cryptocurrencies among Brazilians and Latin Americans will continue to grow. As long as major economic and financial players innovate in products and/or services, people will overcome all obstacles that stand in the way of adopting these new assets.

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Mikaia ANDRIAMAHAZOARIMANANA avatar
Mikaia ANDRIAMAHAZOARIMANANA

The blockchain and crypto revolution is underway! And the day the impact will be felt on the world’s most vulnerable economy, against all odds, I’ll say I had something to do with it

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