Ripio, an Argentinian crypto firm, has unveiled a Visa card in Brazil that allows users to pay using cryptocurrencies and in return earn cashback rewards in bitcoin (BTC). The Visa card is a prepaid debit card and shall be used with any merchant that accepts Visa payments.
According to a statement by Ripio, the newly launched Visa Card will allow users to use all 28 cryptocurrencies that are listed on Ripio’s crypto exchange platform.
Ripio’s Visa Card adds to the long list of partnerships that Visa has managed to ink in Latin America. In June, Visa announced that it had partnered with multiple crypto players and neobanks to launch similar card products.
250,000 Visa Cards up for grabs
Ripio aims at issuing about 250,000 Visa Cards before the year ends. In the long term, Ripio aims to entice its 1 million Brazilian customers to make use of the Visa Card.
The Visa Card will be available as a physical plastic card (similar to the one issued by banks), or as a digital card that can be used using a smartphone.
Additionally, card users can choose to also pay in fiat currency besides cryptocurrencies. In either way (whether paying in crypto or fiat) the user gets a 5% BTC cashback on all purchases. The cashback rewards will however not be distributed until late October after which they will be capped at $50 monthly.
Ripio has however indicated that it is looking at the possibility of offering altcoin rewards in future. The company is also planning to launch the Visa Card in Argentina before the end of the year.
Generally, Ripio’s Visa Card intends to link users’ fiat and crypto wallets.