The Latin American crypto market is expanding with new prepaid crypto cards entering the horizon.
Ripio, a crypto wallet and brokerage service established in 2014, has launched prepaid crypto cards in Brazil.
According to the tweet shared by the official Ripio Brazil account, the users can use prepaid Visa crypto cards to pay for their everyday purchases and receive 5% cashback in Bitcoin (BTC). The company notes that per month customers can receive a maximum of R$250 (around $50) in cash back.
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The card will allow users to pay using 28 cryptocurrencies supported by Ripio, including Bitcoin (BTC), Ether (ETH), USD Coin (USDC), and Brazilian Real.
The company has around a million users across Brazil, and while digital cards are already working in full swing, the company expects to launch 250,000 physical cards by the end of the year.
According to the official website, the virtual card will allow customers to make purchases only by shopping online. On the other hand, the physical card will allow you to make purchases in both digital and physical forms where Visa cards are accepted.
Ripio CEO Sebastian Serrano, when talking about the launch of prepaid crypto cards, noted that Brazil is only the first stop in this crypto card launch journey. The company is planning to also launch the card in Argentina, where the company is one of the most popular Bitcoin wallets. Moreover, the company does not rule out the possibility to launch prepaid cards in Mexico, Uruguay, Columbia, and Spain.
The crypto wallet allows users to buy or sell Bitcoin using Argentinian pesos or Brazilian real. Ripio gives users a unique experience to make online payments, “top up their cell phones with credits, or pay electricity or water bills from within the app”.
Ripio is not the only company initiating the launch of prepaid crypto cards in the Latin American region. At the beginning of August, Binance joined forces with Mastercard to roll out prepaid crypto cards in Argentina. The card offers 8% cash back on specific purchases.
