Visa collaborated with Ripio, a Bitcoin wallet, to launch the world’s first Bitcoin Debit card in Brazil. The Bitcoin wallet announced the news in its most recent blog post. In addition, Ripio intends to expand its operations beyond Brazil into the Argentine market.
Ripio’s goal is to expand its services across all Latin American countries. The company intends to expand into Uruguay, Colombia, Mexico, and Spain.
The Bitcoin debit card will make it possible to buy Bitcoin and Crypto products in Brazil
The Bitcoin debit card, according to Ripio, will allow users to purchase bitcoin and other crypto products in Brazil. The Visa debit card was launched just a few months after Mastercard announced the launch of its new debit card.
Customers will be able to purchase the card through the Ripio website. Customers can make payments on the website using Bitcoin or any of the 28 cryptos listed on the platform. It also permits transactions in the Brazilian Real (BRL), the local currency.
According to Ripio CEO Sebastian Serrano, approximately 250,000 cards will be issued before the end of the year. He also stated that the products would be available to users of the country’s encryption platform.
Serrano says that BTC’s 5% cashback incentive is available to encourage continued card use. The BTC cashback is worth about BRL 250 in monthly fees; Serrano also stated that Ripio intends to offer rewards for other tokens.
Ripio launched in Brazil in 2021 after acquiring Bitcoin Trade, a cryptocurrency exchange. With approximately 300,000 registered users, the company was the largest exchange in the country.
Before the end of the year, BitcoinTrade will merge with Ripio.
The exchange based in Argentina is gradually establishing a presence in Brazil. Recall that the exchange collaborated with Mercado Libre, a Latin American e-commerce firm, to launch the Mercado Coin cryptocurrency.
Visa and Mastercard are competing for market share in Latin America.
In recent years, Visa has continued to compete with Mastercard in the Latin market. Mastercard recently announced a partnership with Binance to launch its card in Argentina. The product will be available only to MasterCard customers in Argentina. The payment company also intends to expand its operations into other thriving Latin American countries.