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Visa deploys multiple ‘Bitcoin Cashback’ cards with partners in Brazil, Argentina

Payment giant Visa has launched its first crypto card in Latin America – and will launch its new products in Brazil and Argentina through a number of new partner companies.

According to media outlet Expansión, Visa has “announced an alliance” with various fintech companies and IT startups in Brazil and Argentina that will allow “users to make transactions” using Visa cards – and receive Cashback in crypto every time they spend.

In a statement, the company explained that the move “includes recently launched crypto card programs and partnerships” with crypto exchange startups of fintech providers in the region.

This offer follows similar previous crypto-related activity in the region from Visa. Late last year, the company partnered with Argentine crypto exchange Lemon Cash to launch a Visa card that offers customers 2% bitcoin (BTC) cashback when they use the card to make payments.

Visa is also rolling out its Visa Lemon Cash prepaid card in Argentina. Its new partnership deals also include an issuance agreement with Satoshi Tango, another Argentinian cryptocurrency trading platform. Visa-branded Crypto.com cards are also set to roll out nationwide.

Meanwhile, in Brazil, similar services will be rolled out together with crypto-banking organization Alterbank and neobank Zro.

The same media claimed that this is proof that Visa “wants to join the crypto craze.” and hopes to offer its partner companies “scalability” and “security” options.

Romina Seltzer, Visa Latin America and Caribbean Senior Vice President of Product and Innovation, is quoted as saying:

The crypto ecosystem continues to gain momentum in this region with increased investment, more consumer adoption, and more crypto use cases. We will continue to build our strategy to develop the future of cryptocurrency and payments for our customers, clients, partners and consumers. ”

The report adds that Visa is looking to develop card projects in other Latin American countries, including Mexico, Colombia and Peru.

Mexican unicorn Bitso, another crypto exchange, has also announced that it will issue its own token. According to its website, the card will also allow users to pay in Mexican pesos and receive BTC cashback.

However, the company may look to do it alone instead of looking to partner with a major card issuer like Visa. The company added that its card program will be open to all Mexican residents with Bitso accounts. However, it added that Bitso is also “working to offer the new card in Argentina.”