Coin Journal learned from a press release, Mastercard and Binance, the world’s largest crypto exchange by trading volume, have launched Binance Card in Argentina, to bridge the gap between everyday purchases and cryptocurrencies.
Major Products in Latin America
It is the first product of its kind in Latin America and is part of Binance’s mission to drive global crypto adoption. Binance Card is currently in its beta phase and will be available in the next few weeks.
All holders can pay bills and shop with crypto
Binance card holders with valid government ID in Argentina will be able to pay bills and make purchases using crypto, including Bitcoin and Binance Coin, at 90+ million merchants that accept MasterCard.
Users of the card, who will issue credential payments, will enjoy a frictionless transaction where their cryptocurrency is converted into fiat in real-time at the point of sale. They will not pay any charges while making card withdrawals from ATMs. Third-party services and network charges may apply.
Binance Card Plus
Holders will be able to earn up to 8% in crypto cashback on eligible purchases and access support, view their transaction history, and manage their cards through the dashboard on the Binance app and website.
Walter Pimenta, Executive Vice President of Product and Innovation at Mastercard’s Regional Office, commented:
Our work with digital currencies builds on our strong foundation to give people peace of mind and enable them to shop and pay. Mastercard leads the payments industry in allowing entry into this exciting new arena, helping millions of new users to securely and reliably access crypto and other digital assets.
Maximiliano Hinz, General Director of the Binance Office for Latin America, said:
Payments are among the first and most obvious use cases for crypto, but there is a lot of room for adoption. When merchants use the Binance card, they still receive fiat currency. Buyers pay in the cryptocurrency of their choice. We find that the Binance Card is an essential component of the process of encouraging widespread crypto use and global adoption, and is now available to users in Argentina.