OKX launched a Mastercard debit card in Brazil on Thursday, the first in Latin America, giving users the option to spend cryptocurrency through the Mastercard network.
The company said cardholders can make purchases in local currency while their crypto balances are automatically converted at checkout.
How the card works
The new OKX card is linked to a user’s crypto account. Brazilian users can load the card with local currency (reals), which OKX automatically converts into US dollar-based stablecoins. When a payment is made, Mastercard processes the transaction and the exchange deducts the equivalent amount from the customer’s balance.
Balances held in stablecoins earn up to 10% annual returns, OKX said.
The card also works with Pix, Brazil’s instant digital payment platform, allowing for quick transfers between OKX accounts and local wallets.
Brazil becomes a testing ground for crypto payments
Brazil has become one of the most active markets for digital payments linked to cryptocurrencies. Its clear regulatory framework and widespread use of Pix make it attractive to exchanges that offer cryptocurrency payment options.
By launching the card in Brazil, OKX is focusing on a country where the use of digital currency extends beyond investment, where cryptocurrencies are often used for remittances and everyday purchases.
Visa and Mastercard dominate issuer associations
OKX chose Mastercard for its card program. Both Mastercard and Visa run dedicated frameworks that allow crypto exchanges to issue branded cards, but each operates differently.
Mastercard generally requires exchanges to maintain larger reserve funds to ensure liquidity and coverage of transactions. Visa requirements are lighter, making it faster to launch but with fewer compliance guarantees.
Exchanges select their partners based on capital capacity and local regulations. Binance, for example, previously issued a Visa prepaid card in Europe, but then moved on to Mastercard by introducing its Brazilian program.
Why exchanges issue cards
Crypto payment cards simplify spending digital assets without manually converting them into fiat money.
When a cardholder pays, the exchange automatically sells the equivalent amount of crypto to cover the transaction.
This approach gives exchanges an additional way to keep users active on their platforms while also offering customers a convenient way to access their balances anywhere traditional cards are accepted.
OKX seeks to expand its card program beyond Brazil
OKX said Brazil will be the first market for its Mastercard debit card, with plans to introduce the product in other Latin American countries once it assesses user demand and regulatory conditions.
The exchange said it chose Brazil due to the country’s established digital payment systems and high adoption of electronic transfers through Photomaking it easy to integrate with crypto-linked cards.
Company officials said local feedback will guide how the card is adapted to additional markets in the region.
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