The crypto debit card presented by Bitso will have global utility.
Leading Latin American cryptocurrency exchange Bitso, in partnership with Mastercard, has announced the launch of its cryptocurrency debit card for Mexican customers.
The duo first announced their partnership to launch a debit card in August 2022. Bitso CEO Daniel Vogel cited user demand as the reason for initiating development of the card. Data from a recent Study of the new Mastercard payment index It also revealed that 71% of Latin Americans plan to use less cash when making purchases.
In November, the exchange launched cards in a beta testing phase that allowed clients to test the card and give feedback on it.
Commenting on the launch, the General Director of Bitso Mexico, Bárbara Briseño, said:
“We share the excitement with our entire community in Mexico to see this long-awaited product become a reality.” Briseño also expressed the belief that the card will become the access point to the digital economy for many people in the future.
Advantages of the Crypto Debit Card
Despite launching in Mexico, the crypto debit card will have global utility. Cardholders will be able to use the card at more than 90 million Mastercard-affiliated stores worldwide. With the card, users can make regular daily payments from their cryptocurrency wallets. These payments cover physical and online purchases globally.
Bitso offers users a cashback for every purchase made to encourage more usage. In addition, users will enjoy special benefits and rewards when using the cards with businesses such as Uber, Mercado Libre and Cinépolis.
Although the card does not allow monthly payments, it does have an unlimited monthly spending limit. The exchange will also not charge any annual fee for the use of the card.
An association that looks to the future?
What’s interesting about the partnership is that Mastercard previously reported that it was winding down its foray into the cryptocurrency market. However, in light of the most recent developments, Mastercard has stated that it will “work with partners to bring relevant payment solutions and programs to market.”
In launching the card, Bitso joined Taurus, which also launched a debit card for its Mexican customers in partnership with VISA. The Argentine exchange, Belo, has also launched its debit card and is looking to enter Mexico.
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A seasoned writer with practical experience in the fintech industry. When he is not writing, he spends his time reading, researching, or teaching.
