Ripio is an Argentinian crypto company that has just launched a Visa Card in Brazil. This card allows users to pay in cryptocurrency and receive cashback in bitcoin (BTC). The Visa card can be used at 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. Visa announced in June it had partnered up with multiple crypto- and neobanks for similar card products.
250,000 Visa cards up for grabs
Ripio plans to issue around 250,000 Visa Cards by the end of this year. Ripio hopes to lure its 1,000,000 Brazilian customers to use the Visa Card in the long-term.
The Visa Card is available in two formats: a physical card similar to those issued by banks, and a digital card that can also be used with a smartphone.
Card users have the option to pay in fiat currency, as well as crypto. Either way, the card user will receive a 5% BTC rebate on all purchases. Cashback rewards will not be given until October, after which they will be limited at $50 per month.
Ripio did however indicate that it will be exploring the possibility to offer altcoin rewards in the future. Ripio also plans to launch the Visa Card Argentina in the near future.
Generally, Ripio’s Visa Card intends to link users’ fiat and crypto wallets.
