Visa launches its first Bitcoin Cashback cards in Latin America

Visa has introduced its first crypto cards in Latin America, with a number of new partner organizations launching the new products in Brazil and Argentina.

Visa has "launched a partnership" with numerous fintech companies and IT startups in Brazil and Argentina, according to the media site Expansión, that will allow "users to make transactions" with Visa cards - and receive crypto cashbacks every time they spend.

The company said in a statement that the move "includes recently announced cryptocurrency card programs and collaborations" with fintech and cryptocurrency exchange startups in the region.

The incentive comes on the heels of Visa's previous cryptocurrency-related engagement in the region.

Late last year, the company partnered with the Argentinian crypto exchange Lemon Cash to develop a Visa card that gives clients 2% bitcoin (BTC) rewards when they use it to make purchases.

In Argentina, Visa is also launching a Visa Lemon Cash prepaid card. An issuance agreement with Satoshi Tango, another Argentinian crypto trading site, is also part of its new collaboration partnerships.

Furthermore, Visa-branded cards will be available across the country.

In Brazil, comparable services will be available in collaboration with Alterbank, a crypto-focused bank, and Zro Bank, a neobank.

According to the same news outlet, this was proof that Visa "wants to join the cryptocurrency boom" and was seeking to provide "scalability" and "security" alternatives to its partner companies.

Visa is also trying to build card issuance programs in other Latin American countries, including Mexico, Colombia, and Peru, according to the article.