On August 4, Binance announced a partnership with Mastercard, a multinational financial services company known for its credit card line, to launch a prepaid cryptocurrency card in Argentina.
according to official statementArgentina has become the first Latin American country to have the Binance Prepaid Card, which is expected to be “widespread in the coming weeks.”
Additionally, users in Argentina will be able to buy and pay bills, and use their cryptocurrency to pay at over 90 million merchants using the Mastercard payment service.
This will be the first crypto card to be supported by a global exchange.Argentines already have options offered by local cryptocurrency exchanges such as lemon. In addition, Crypto.com launched a similar product in Brazil: its product line metal card Offers cashback and perks based on tier lists.
Users will get up to 8% cash back on purchases.
One of the most notable advantages of the new Binance Card is that it offers up to 8% BNB cashback on select purchases. Eligible refunds from Binance will be credited to the Funding Wallet immediately.
In addition, this card does not charge any fees for withdrawals through ATMs. Users can withdraw up to 45,000 pesos per day ($339 at the official exchange rate) or up to 180,000 pesos ($1,357) per month.
Cashback alone makes Binance’s card a formidable competitor to traditional banks, which tend to offer very low cashback percentages (or its equivalent in points) and charge high fees for withdrawals from ATMs.
To apply for the card, users must have an active Binance account. This card allows purchases of up to 90,000 pesos per day and 360,000 pesos per month.
New Binance Card will encourage cryptocurrency adoption in Argentina
Mastercard is betting big on crypto, especially in Latin America, considering one of its studies concluded that half of the region’s population is familiar with crypto. Maximiliano Hinz, general manager of Binance Latin America, said the card will help promote greater adoption of cryptocurrencies in Argentina, allowing merchants to receive fiat currencies while letting users decide to pay in various cryptocurrencies.
“Payments are one of the first and most obvious use cases for crypto, however, there is a lot of room for growth in adoption. When using the Binance Card, merchants still receive fiat currency and users pay in the cryptocurrency of their choice. We I believe Binance Card is an important step in encouraging greater use of cryptocurrencies and their global adoption, now available to Argentine users.”
As a result of this partnership, Mastercard will enable millions of users to enter crypto with the security and trustworthiness the company provides, said Walter Pimenta, Executive Vice President of Product and Innovation for Mastercard Latin America and the Caribbean. currency world.
“Our partnership with digital currencies builds on our strong foundation of giving people choice and peace of mind when shopping and paying. Mastercard, along with our partners, has been leading the payments industry into this exciting time a new world of helping millions of additional users use cryptocurrencies and other digital assets in a safe and trustworthy way.”
Currently, the cryptocurrencies that support payment via Binance Card are BNB, BUSD, BTC, ETH, USDT, USDC, ADA, DOT, SOL, MANA and SXP.
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