On Aug. 4, Binance announced its partnership with Mastercard, a multinational financial services company known for its range of credit cards, to launch a prepaid cryptocurrency card in Argentina.
According to a official statementArgentina is the first Latin American country to have a Binance prepaid card, which is expected to be “widely available in the coming weeks.”
In addition, users in Argentina can buy and pay bills and use their cryptocurrency Pay at more than 90 million merchants using Mastercard payment services.
This would be the first crypto card backed by a global exchange. Argentines already have options offered by local crypto exchanges such as lemon. Also, Crypto.com has launched a similar product in Brazil: its line of metal cards with cashback and perks according to a tier list.
Users receive up to 8% cashback on their purchases.
One of the most important advantages of the new Binance card is that it offers up to 8% cashback in BNB for certain purchases. Qualifying refunds from Binance are immediately applied to the funded Wallet credited.
Also, there are no ATM withdrawal fees with this card. Users can withdraw up to 45,000 pesos ($339 at the official exchange rate) per day or a maximum of 180,000 pesos ($1357) per month.
The cashback alone makes Binance’s card a strong competitor to traditional banks, which tend to offer very low cashback percentages (or the equivalent in points) and charge high fees for withdrawing money 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 a maximum of 360,000 pesos per month.
The new Binance Card will boost crypto adoption in Argentina
Mastercard is bets big in the crypto scene, especially in Latin America considering that one of their studies concluded that half of the region’s population is familiar with crypto. Maximiliano Hinz, Binance’s director general in Latin America, said that this card would help encourage greater cryptocurrency adoption in Argentina by allowing merchants to receive fiat money while allowing users to opt-in in a variety of cryptocurrencies to pay for cryptocurrencies.
“Payments are one of the first and most obvious use cases for crypto, but adoption has plenty of room for growth. When using the Binance Card, traders still receive fiat and users pay in the cryptocurrency of their choice. We believe the Binance Card is an important step in driving greater cryptocurrency adoption and global adoption and is now available to users in Argentina.”
Walter Pimenta, executive vice president of products and innovation at Mastercard Latin America and the Caribbean, said that through this partnership, Mastercard will enable millions of users to enter the world of cryptocurrencies with the security and trust that the company offers.
“Our work with digital currencies builds on our strong foundation to give people choice and security when shopping and paying. Together with our partners, Mastercard is leading the payments industry by providing access to this exciting new world and has helped bring millions of additional users to crypto and other digital assets in a safe and trusted manner.”
Source: Crypto News Deutsch