Ripio, an Argentinian cryptocurrency company, has launched a Visa card in Brazil that enables users to buy using cryptocurrencies and earn bitcoin cashback benefits (BTC). The Visa card is a prepaid debit card that can be used at any Visa-accepting merchant.
According to a statement by Ripio, the newly introduced Visa Card will support all 28 cryptocurrencies registered on Ripio’s crypto trading network.
The addition of Ripio’s Visa Card to Visa’s extensive list of collaborations in Latin America. Visa stated in June that it had worked with a number of cryptocurrency companies and neobanks to create comparable card solutions.
250,000 Visa Cards up for grabs
Ripio plans to issue approximately 250,000 Visa cards before the end of the year. Ripio’s long-term goal is to get one million Brazilian clients to utilize the Visa Card.
The Visa Card will be offered as both a physical plastic card (akin to those provided by banks) and a smartphone-compatible digital card.
Moreover, cardholders have the option to pay in fiat currency in contrast to cryptocurrency. The customer receives 5% BTC cashback on all purchases, regardless of payment method (cryptocurrency or fiat). The cashback benefits will not be distributed until late October and will be stopped at $50 per month thereafter.
Nevertheless, Ripio has hinted that it is considering introducing altcoin prizes in the future. Additionally, the corporation intends to deploy the Visa Card in Argentina by the end of the year.
Ripio’s Visa Card is designed to connect users’ cash and cryptocurrency wallets.