Bitso, the leading cryptocurrency exchange in Latin America, has recently launched (1) a crypto debit card for consumers in Mexico in collaboration with Mastercard.
¡Llegó el día! ¡Anunciamos la llegada de la #BitsoCard a México! 🇲🇽🚀
💳 Bitso Card es una tarjeta con la que podrás utilizar los MXN de tu wallet para pagar el súper, la cuenta del restaurante o cualquier compra del día a día. 🤩
🔗 Para más info: https://t.co/G5lhn6QtYx pic.twitter.com/BGMe37oIWq
— Bitso (@Bitso) March 2, 2023
The two companies publicly announced their collaboration in August of 2022 to develop a debit card.
Daniel Vogel, the CEO of Bitso, cited user demand as the reason why the company decided to start developing the card.
A recent survey conducted by Mastercard’s New Payment Index also showed that the majority of Latin Americans (71%) intend to use less cash in the future while making purchases.
By November, the exchange had begun rolling out cards for a beta testing phase, during which users were allowed to try the cards and provide comments on them.
Barbara Briseo, the General Director of Bitso Mexico, made the following observation in response to the launch:
“We are thrilled, along with the rest of our community in Mexico, to finally be able to offer this much-anticipated product to our customers.”
Briseo also expressed the opinion that the card will eventually serve as the entry point for many people into the digital economy.
Advantages of Using a Cryptocurrency Debit Card
Despite beginning operations in Mexico, the cryptocurrency debit card will be useful everywhere in the world.
The card will be used in over 90 million stores worldwide affiliated with Mastercard for cardholders who have it.
Users will be able to utilize their cryptocurrency wallets to make regular, daily payments when they have the card. These payments are applied to both in-store and online purchases made anywhere in the world.
In order to encourage its users to make additional purchases, Bitso provides a cashback incentive for each transaction. Also, customers who use the cards at establishments such as Uber, Mercado Libre, and Cinépolis will be eligible for a variety of unique bonuses and prizes.
Although the card does not support making monthly payments, there is no cap on the amount that can be spent each month using it. Also, the exchange will not levy any yearly fees in connection with the usage of the card.
A Collaboration With an Eye Toward the Future
What makes this agreement particularly fascinating is the fact that Mastercard had previously announced it would be decreasing its involvement in the bitcoin sector.
In spite of this, and in light of more recent happenings, Mastercard has announced that it will “work with collaborators to bring appropriate payments solutions and initiatives to market.”
With the debut of the card, Bitso has joined forces with Taurus, which has also recently provided its Mexican consumers with a debit card in collaboration with VISA.
The Argentine exchange company known as Belo has also released its debit card and is actively seeking to expand its operations into Mexico.