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The crypto debit card introduced by Bitso will have worldwide utility.
Top Latin American crypto exchange, Bitso, in partnership with Mastercard, has announced the launch of its crypto debit card for Mexican customers.
The duo first announced their partnership to launch a debit card in August 2022. Bitso’s CEO Daniel Vogel cited user demand as the reason for initiating the development of the card. Data from a recent Mastercard’s New Payment Index study also revealed that 71% of Latin Americans plan to use lesser cash when making purchases.
By November, the exchange rolled out cards in a beta testing phase that allowed customers to test the card and give feedback on them.
Commenting on the launch, the General Director of Bitso México, Bárbara Briseño said:
“We share the enthusiasm with our entire community in Mexico to see this long-awaited product become a reality.” Briseño also stated the belief that the card will become the access point to the digital economy for many people in the future.”
Perks of the Crypto Debit Card
Despite launching in Mexico, the crypto debit card will have worldwide utility. Holders of the card will be able to use it in over 90 million Mastercard-affiliated stores globally. With the card, users can make regular everyday payments from their cryptocurrency wallets. These payments cover both physical and online purchases globally.
Bitso offers users a cashback for every purchase made to encourage more usage. Also, users will enjoy special benefits and rewards when they use the cards with businesses like Uber, Mercado Libre, and Cinépolis
While 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.
A Future Looking Partnership?
What’s interesting in the partnership is that Mastercard previously reported it was reducing its foray into the cryptocurrency market. However, in light of more recent developments, Mastercard has stated that it will, “work with partners to bring relevant payments 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. Argentine exchange, Belo, has also rolled out its debit card and is looking to gain entrance into Mexico.