Argentina’s Ripio launches debit card for crypto payments in Brazil
With more than 3.5 million users, Ripio is one of the fastest-growing crypto companies in the region and a pioneer in the crypto world.
The company, founded in 2013 by the Argentine developer and entrepreneur Sebastián Serrano, announced its next launch: a debit card for users residing in Brazil.
The plastic card will allow payments with cryptocurrencies in establishments and web portals and incorporate a Bitcoin rewards system. After Brazil, the idea is for it to land in Argentina.
Since its birth, Ripio has expanded to Brazil, Colombia, Mexico, Uruguay, Spain, and the United States and has forged strategic alliances with Mercado Pago, Visa, and Circle.
At the end of 2020, the startup acquired Bitcoin Trade, the second-largest cryptocurrency platform in Brazil, to strengthen its regional presence and expand its product offering.
WHAT IS THE RIPIO CARD?
Ripio Card is an international prepaid card that allows users to make purchases worldwide, directly consuming the balance in crypto or Real available on Ripio’s platform and mobile app, with no acquisition fees or monthly fees.
It works as a prepaid card, i.e., when the customer uses the card, the amounts are immediately consumed from the balance the user has in his Ripio wallet.
For this, it is necessary to previously have Brazilian real (BRL) or cryptocurrencies in the Ripio account.
Automatically, the cryptocurrency is converted into official currency, such as the real, in the case of Brazil, so that the Visa network can process the transaction.
Thus, the transaction is made in official currency by converting the amount into cryptocurrency available to the customer.
ADVANTAGES OF THE NEW CARD
With each purchase, the user receives 5% cashback in Bitcoin (BTC), which is automatically deposited into the user’s account. It is unnecessary to have previously had HODL of any other digital asset or stablecoin for this, as is the case with similar cards on the market.
The cashback amount is limited to 250.00 reais per month per user, and this BTC cashback action will take place for three months (subject to change).
- Cashback of 5% in BTC for three months (subject to change).
- Monthly cashback limit per user: R$250 (US$49)
- International use (Visa flag).
- No fees or monthly payments.
- No credit analysis.
- Prepaid function using crypto or BRL balance to make purchases.
The cryptocurrencies that can be used to make purchases are the 28 that appear on the Ripio platform.
With this launch, the firm expects to have 250,000 users by December 2022, including new customers.
To this end, the company has developed a marketing campaign to increase the visibility of the innovation and the product’s differentials.
CAN IT BE USED IN PHYSICAL STORES?
The new card can only be used for online purchases. To make purchases in physical stores, it is necessary to request the physical card in the app and wait 4 to 7 business days for it to be delivered to the address informed at the time of the order.
For users with a Ripio account, it is enough to request the card in the app and wait 4 to 7 business days for it to be delivered to the address informed at the time of the request.
Those who do not yet have an account must download the app or access the platform’s website and register. The card is issued free of charge to the customer.
The company assures that the new tool was designed for those who already operate with cryptocurrencies and those who want to get started on this path.
It is a simple card to use, being easier than selling crypto first and then transferring the money to the wallet and making the transaction.
With information from Be In Crypto
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