Visa & Crypto.com Team Up for Bitcoin Cashback in Latin America's Crypto Boom
Visa and crypto.com are teaming up to offer cashback in bitcoin for card purchases in Latin America, where cryptocurrency adoption is surging. Meanwhile, Western Union is expanding its services and acquisitions to capitalize on the growing remittance market in the region.
Latin America's enthusiasm for cryptocurrencies is evident. El Salvador has embraced bitcoin as its national currency, and Argentina is exploring crypto payments for employees. Ripple, in collaboration with Travelex, is enhancing cross-border payments in Brazil and Mexico using its on-demand liquidity solution.
Visa's partnership with crypto.com will allow cardholders in Latin America to earn bitcoin cashback on their purchases. This move comes as the payments industry worldwide watches the region for innovative developments.
Western Union's strategy in Latin America includes acquisitions like Brazilian e-wallet Te Enviei. The company aims to launch new products in the first half of 2023. It has also expanded services in Chile and Colombia to facilitate remittances to over 200 countries and territories.
Fintech companies are thriving in the region. Brazilian Ebanx has launched mobile money services in Africa and partnered with Citi to accept 100 payment methods online in 11 Latin American countries. Bitso, a crypto exchange, has enabled bitcoin remittances between Canada and Mexico in partnership with Africhange.
Latin America's growing interest in cryptocurrencies and digital financial services presents significant opportunities for companies like Visa, crypto.com, Western Union, Ebanx, and Bitso. As the region's unbanked population decreases and mobile banking adoption increases, the stage is set for further fintech growth and innovation.
