On August 4, Binance announced its partnership with Mastercard, a multinational financial services company known for its lineup of credit cards, to launch prepaid cryptocurrency cards in Argentina.
Argentina has become the first Latin American country to have a Binance prepaid card, which is expected to be “widely available in the coming weeks”, according to an official statement.
In addition, users in Argentina will be able to purchase and pay bills and use their cryptocurrencies to pay at more than 90 million merchants using Mastercard’s payment services.
This will be the first crypto card supported by a global exchange. Argentines already have options provided by local crypto exchanges like Lemon. In addition, Crypto.com introduced a similar product in Brazil: its line of metal cards with cashback and perks according to a tiered listing.
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Users will get up to 8% cashback on their purchases.
One of the most important benefits of the new Binance card is that it offers up to 8% cashback in BNB for specific purchases. Eligible refunds from Binance will be credited to the funded wallet immediately. Also, this card does not charge any fee for withdrawals through ATMs. Users can withdraw up to 45,000 pesos per day ($339) at the official exchange rate, or a maximum of 180,000 pesos ($1357) per month. Cashback only makes Binance’s card a strong competitor against traditional banks that offer a very low cashback percentage (or equivalent in points) and charge high fees for withdrawing money from ATMs. To apply for the card, users must have an active Binance account. The card will allow purchases of 90,000 pesos per day and a maximum of 360,000 pesos per month.New Binance Card Will Encourage Crypto Adoption In Argentina
Mastercard is betting big on the crypto landscape, especially in Latin America given that one of its studies concluded that half of the region’s population is familiar with crypto. Maximiliano Hinz, general director of Binance in Latin America, said the card will help promote greater use of cryptocurrencies in Argentina, allowing merchants to receive fiat money, as well as allowing users to pay in various cryptocurrencies. allowed to decide.“Payments is one of the first and most obvious use cases for crypto, however, there is a lot of room for adoption. When using Binance cards, merchants still receive fiat currency and users can trade in the cryptocurrency of their choice. We believe that the Binance Card is an important step to encourage greater use of cryptocurrencies and their global adoption and is now available to users in Argentina.Thanks to this partnership, Mastercard will enable millions of users to enter the world of cryptocurrency with the security and trustworthiness that the company offers, said Walter Pimenta, Executive Vice President of Product and Innovation for Mastercard Latin America and the Caribbean.
“Our work with digital currencies builds on our strong foundation to enable choice and peace of mind when people make purchases and pay. Together with our partners, MasterCard has been able to enable entry into this exciting new world. Payments is leading the industry, bringing in millions of additional users into crypto and other digital assets in a secure and reliable way.For now, the supported cryptocurrencies for payment via Binance Card are BNB, BUSD, BTC, ETH, USDT, USDC, ADA, DOT, SOL, MANA and SXP.