Crypto credit and debit cards are thriving in Latin America. Users are gradually embracing crypto usage for payments. Meanwhile, two giant exchanges have revealed plans to launch crypto-enabled cards.
Bitso, a Mexican-based crypto exchange, and Ripio, an Argentina-based crypto firm, said they would launch crypto cards soon. Meanwhile, Bitso would partner with Mastercard while Ripio would partner with Visa.
Crypto Cards Gain Momentum In Latin America
Recently, the separation between the conventional banking and crypto sectors has been gradually disappearing. More banking firms are adopting and offering cryptocurrency services to their clients.
According to reports, two major exchange firms in Latin America have decided to launch crypto cards in the region. These cards would allow users to use digital currencies to pay for goods and services.
As for Ripio, the firm will partner with payment firm, Visa, to launch a globally accepted crypto card. Ripio expects this new product to encourage crypto usage for payments and purchases.
According to Ripio, the visa crypto card will offer users a 5% cashback on all purchases. Henrique Teixeira, an executive at the company, said over 250,000 users would be able to access the card by December.
Furthermore, Bitso is also another largest crypto exchange in Latin America according to trading volumes. The crypto firm also wants to issue a crypto card later in the year.
Daniel Vogel, the CEO of the crypto firm, argues that the cryptocurrency winter will soon be over. As a result, the company is taking this step to show that it believes in the potential of digital assets.
Latin Americans Embracing Real World Usage Of Crypto
Additionally, Vogel said the company would partner with Mastercard to launch the crypto card. However, he did not give a date for the launch, although he stated that several users await the crypto debit card.
According to him, this payment instrument would benefit its users, who can now pay for goods using crypto. He elaborated, saying:
“The company has seen how users use funds on the exchange. On payroll days, individuals send money into the platform and trade them for digital dollar. Afterward, they would convert it to Pesos so they can use it for payment. Imagine how easier this would be with crypto cards.”
Like crypto cards launched in other regions, Bitso’s crypto card has a cashback feature. The company stated that it would launch the card first in Mexico.
These recent launches are in line with the report of Kaiko, a platform that provides crypto market data. The report notes that Latin American users are looking for how to use crypto for payments – real-world applications.
They are not so concerned about trading. Hence, exchanges are rising to meet the demands of users.
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