Thursday, August 6, 2020

Mexicans have a new Visa card for payments and rewards with bitcoin

Key facts:
The issuance of the card has a cost of 300 Mexican pesos or about $ 13.
The reloading of funds is done by selling the cryptocurrencies for pesos in Tauros.

Mexican bitcoin (BTC) users can now exchange their cryptocurrencies for pesos, reload a Visa debit card and make purchases at any establishment with a point of sale. The Tauros brokerage house presented the new payment method in an alliance that seeks to facilitate access to the first cryptocurrency in Mexico.

The issuance of the card has a cost of 300 pesos or $ 13 as a single payment and is received by applicants 2 to 4 business days after the request. This was reported to CriptoNoticias by Roberto Conte, director of business development for Tauros.

In summary (we want) to facilitate access to bitcoin. The most recurring question that we face when we talk about bitcoin is where can I use it? Who accepts it as a method of payment? The answer is that the adoption of bitcoin as a payment method is not yet at the level we would like and it is something that depends on time. Therefore, it is necessary to create connections between bitcoin and the current payment system, "said the executive.

Visa card and top-ups with bitcoin

Before activating or recharging the physical debit card, the person must activate a digital version that is automatically created when opening an account at the brokerage house.

Regarding this process, Conte explained that it is a necessary step to assign a CLABE account of Mexican pesos. Once the activation is completed, the user must fund the account with the 300 pesos necessary to request the card.

To reload the card, the Tauros user must sell their bitcoins for Mexican pesos on the platform. To obtain the fiat currency, the person has two options: sell automatically at a rate that is below the market rate or generate an order at the price they consider. However, for this last option, the pesos will not be paid until the sale has been made.

The use of the card generates users rewards in cryptocurrencies to incentivize its use without charging purchase commissions. So far Tauros offers incentives in bitcoin and Dash. For the first case it is 0.5% per purchase and in Dash it is 2%. The director of business development reported that more cryptocurrencies will be incorporated later with new percentages.

Affiliation to the Tauros service must be done with one of the following identification documents: Mexican passport, INE / IFE or FM2 / FM3. It is also necessary to have an email, telephone number and the Unique Population Registry Code (CURP).

The announcement of the Tauros card comes five months after Visa summoned all companies interested in issuing cards related to payments with bitcoin. CryptoNews reported in May this year that the AirTM service had presented a virtual debit card to make purchases with cryptocurrencies. More recently, in July of this year, the exchange house Binance launched its crypto Visa card for Spain and all of Europe.

From the previous announcements it appears that the large payment methods continue to take steps for an integration with companies in the bitcoin ecosystem, which translates into greater adoption and new methods of use for cryptocurrencies.