Binance, a multi-national financial services company, announced on August 4 that it had partnered with Mastercard to launch a prepaid cryptocurrency cards in Argentina.
According to an official statement, Argentina is now the first Latin American country with a Binance Prepaid Card. It will be available “widely in the coming weeks”
Users in Argentina will also be able pay their bills with cryptocurrency and can use the cryptocurrency to pay at over 90 million merchants who use Mastercard’s payment service.
This is the first time a global crypto exchange has backed a crypto card. Argentinians already have the option of using local crypto exchanges such as Lemon. Crypto.com also introduced a similar product to Brazil with its line of metal cards that offer cashback and perks based on a tier system.
Customers will get up to 8% cashback on all their purchases
The best thing about the new Binance Card is the 8% cashback in BNB that it offers for certain purchases. Funded wallets will immediately be credited with any Binance refunds that are eligible.
This card doesn’t charge fees to withdraw money from ATMs. You can withdraw as much as 45,000 pesos (or $339 at the official currency rate) per day, or as high a maximum of 180,000 pesos (or $1357 per month).
Binance’s card is a strong competitor to traditional banks, which tend to have very low cashback percentages or its equivalent in points and high fees for withdrawing money at ATMs.
An active Binance account is required to apply for the card. The card allows purchases up to 90,000. Pesos per day, and maximum 360,000 pesos a month.
The New Binance Card will Encourage Crypto Adoption in Argentina
Mastercard is making big bets on crypto, especially in Latin America. One of its studies found that half the population of Latin America is familiar with crypto. Maximiliano Hinz is the general director of Binance Latin America. He stated that the card would encourage greater use of cryptocurrency in Argentina. It allows merchants to receive fiat currency while letting users choose to pay in any number of cryptocurrencies.
Although payments are the most obvious use case for crypto, adoption is still growing. The Binance Card allows users to pay in cryptocurrency and merchants can still receive fiat. The Binance Card, which is now available in Argentina, is a significant step towards increasing cryptocurrency adoption and global adoption.
Walter Pimenta is the Executive Vice President of Products and Innovation for Mastercard Latin America and Caribbean. He stated that Mastercard will allow millions of people to access the cryptocurrency world with the trust and security that it offers.
“Our digital currency work builds on our solid foundation to allow choice and security when people shop and make payments. Mastercard, along with its partners, has been the leader in payments industry to enable entry into this exciting new world. This has helped millions of people gain access to crypto and other digital assets in safe and trusted ways.
The Binance Card supports the following cryptocurrencies: BNB, BUSD and BTC for payments via the Binance Card: USDT, USDC; ADA, DOT. SOL. MANA.
Marla Brooks – Financial Analysis
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