Argentinian crypto firm Ripio lunches Visa card in Brazil

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Ripio, an Argentine crypto firm, has unveiled a Visa card in Brazil that allows users to pay using cryptocurrencies and earn cashback rewards in bitcoin (BTC) in return. The Visa Card is a prepaid debit card and will be used with any merchant that accepts Visa payments.

According to a statement from Ripio, the newly launched Visa card will allow users to use all 28 cryptocurrencies 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 has partnered with several crypto players and Neobank to launch similar card products.

250,000 to grab the Visa card

Ripio aims to issue around 250,000 Visa cards before the end of the year. In the long term, Ripio aims to entice its 1 million Brazilian customers to use Visa cards.

The Visa card will be available as a physical plastic card (similar to a card issued by banks) or as a digital card that can be used using a smartphone.

Additionally, card users can choose to pay in fiat currency in addition to cryptocurrencies. Either way (whether paying in crypto or fiat) the user gets 5% BTC cashback on all purchases. However, the cashback rewards won’t be distributed until the end of October, after which they will be limited to $50 monthly.

However, Ripio has indicated that it is looking into the possibility of offering altcoin rewards in the future. The company is also planning to launch Visa cards in Argentina before the end of the year.

Typically, Ripio’s Visa card is intended to connect users’ fiat and crypto wallets.

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