Visa To Launch Crypto Payment for Latin Americans With Tribal

Visa has partnered with cryptocurrency-focused payment platform Tribal Credit to expand financing and credit options for small and medium-sized enterprises (SMEs) across Latin America.

Through the partnership with Visa, the crypto-based payment service will now be able to issue business credit cards in local denominations and currencies in most of the major Latin American regions. These countries include Mexico, Brazil, Chile, Peru, Colombia, Argentina, Panama, the Dominican Republic, and Uruguay.

According to a Tribal spokesperson, the company’s initial focus will be providing their credit service to the countries of Colombia, Peru and Chile, before expanding to the rest of Latin America.

The main aim with this Visa partnership is to provide small businesses with traditional financing solutions. However, Tribal’s technology also gives enterprises a blockchain and cryptocurrency payment framework that they can utilize to accept crypto-based payments and transfer funds.

This is not Tribal’s first partnership with a huge fintech player. Last December 2021, the company has also partnered with Latin American cryptocurrency exchange Bitso and the Stellar Development Foundation. The purpose was to create a new enterprise-grade, borderless payment service which utilizes Stellar’s USD stablecoin.

Meanwhile, Visa has also broadened its outlook on cryptocurrencies and has developed a blockchain interoperability project for digital payments, with the aim of streamlining the transfer of digital assets across chains.