Card Issuing Partner Research — Latin America

Card Issuing Partner Research — Latin America
 
Eleven issuing partners assessed · Commercial structure decoded · Brazil, Mexico, Argentina, Chile, and Colombia
 
You are probably stuck at this step
The technology is already decided. You know how the account structure works, how the stablecoin is custodied, how the conversion path runs. The deck is clean through that slide.
 
Then someone asks: who issues the card?
The room goes quiet.
 
Because that step is not a technology question. It asks who will give you a BIN, whose risk team will carry a crypto-adjacent program, and whose license covers the first market you want to launch in. None of those three can be solved by writing more code.
What this report answers
• Eleven issuing partners, assessed in recommended priority order — including two global stablecoin-native entrants (Bridge, a Stripe company; and Rain) alongside established in-market full-stack providers such as Pomelo, Dock and Evertec
• Each partner's capability boundary — regulatory status, market coverage, how their volume figures are defined, recent corporate moves, and where each one actually fits
• How commercial terms are structured — the six fee components that recur across the industry, plus indicative modelling ranges for setup, monthly platform fees, BIN sponsorship, interchange share, transaction fees and FX spreads
• Due-diligence flags — a full factual account of Evertec's 2026 cybersecurity incident and what it means for your RFP
• The methodology, and its limits — the four criteria behind our priority ordering, and an explicit statement of what this ranking is not (not independently tested, not benchmarked, not verified country-by-country with each provider)
• Sourced throughout — every vendor metric carries a numbered reference with a date, and provider-reported figures are separated from independently verified ones
Who this is for
• Teams evaluating card-issuing partners in Latin America for a wallet, exchange, or digital-asset platform
• Decision-makers who need to explain why this partner and not that one to management or investors
• Product and compliance teams preparing an RFP who need to know which questions to put to each provider
• Anyone weighing stablecoin-native card infrastructure (Bridge, Rain) against traditional in-market BIN sponsorship
What this is not
• Not a rate card. The ranges in this report are illustrative modeling assumptions based on general industry patterns—not quotes from any named provider. Actual terms are highly customized and must be requested provider by provider.
• Not legal or financial advice. Licensing and compliance requirements differ by country; confirm with local counsel before committing.
• Not an introduction service. We do not broker contact with the providers covered.
 
Report details
Format: PDF
Length: 25 pages
Language: English