Argentina-based cryptocurrency exchange Ripio is bringing its prepaid cashback and debit card to Brazil. The company has announced that it’s ready to make the move, giving account holders the ability to use the card to pay at traditional points-of-sale using their crypto holdings. In addition, they can make payments in 28 cryptocurrencies and receive 5% cashback in Bitcoin.
Paymentjournal.com has cited company representatives as saying that Ripio plans to launch 250,000 cards in collaboration with visa before the end of this year. The digital version is already available.
According to the same source, Ripio plans to launch the card in Argentina this year. It is also looking at countries like Colombia, Mexico and Spain as possible targets for future launches. Officials from Ripio claim that the company has 3.5 million users in Brazil, Argentina and Uruguay.
Ripio is already in Brazil, operating under its own brand and that of BitcoinTrade. It acquired BitcoinTrade in January 2021 for an undisclosed amount. BitcoinTrade was home to around 500,000 users at the time of its purchase.
Ripio announced in September 2021 a $50-million Series B investment by Digital Currency Group. Venture capital funds Amplo VC and Boost VC. It also attracted attention from investors such as Marcos Galperin (founder of Mercado Livre) and Martin Migoya (founder of Globant).
The launch follows the recent introduction of a new rewards card by Mastercard and cryptocurrency exchange Binance in Argentina. It supports both Bitcoin and BNB. The Binance Card, issued by Credencial payments, allows existing and new users to purchase daily and make financial transactions such as bill payments using cryptocurrency.
Bitcoin and BNB are supported cryptocurrencies. Payments can be made at over 90 million Mastercard retailers around the globe. The prepaid card converts cryptocurrency to fiat currency instantly at the point where it is purchased. Eligible purchases can earn users up to 8% crypto cashback.
BitPay, a crypto payment service provider, partnered with Cashback Rewards Platform Cardlytics to offer a rewarding program for BitPay cardholders. Cardholders of BitPay can receive up to 15% cashback when they shop at participating retailers online or offline.