Binance teamed up with Mastercard to issue Binance Card in Argentina, according to an announcement last night.
#Binance teams up with @Master Card to launch a new prepaid card in Argentina, bringing crypto payments into the region— Binance (@binance) August 4, 2022
Users can enjoy:
🔸 Making purchases in crypto (#BTC, #BNB & more)
🔸 Up to 8% in crypto cashback
🔸 Zero fees on ATM withdrawals
Accordingly, this prepaid card will help convert crypto into fiat currency (fiat) real-time easily. Cardholders in Argentina can get cashback up to 8% in crypto at select merchants.
Binance Latin America General Manager Maximiliano Hinz said in a statement:
“Payment is one of the first and most obvious use cases for cryptocurrency, but adoption has plenty of room to exploit. With Binance Card, merchants can still receive fiat and users can still pay with cryptocurrency. We believe this is an important step forward in encouraging wider global use of cryptocurrencies.”
Argentina is the first Latin American country to have access to Binance Card. The card is currently in beta and will be rolled out to a wider audience in the coming weeks, according to the statement. Bitcoin and Binance Coin (BNB) are two of the cryptocurrencies the card will support, and currently users will not be charged fees for ATM withdrawals.
The card, issued by Credencial Payments, allows all new and existing Binance users in Argentina with a valid national ID to make purchases and pay bills with cryptocurrency, including Bitcoin and BNB, at more than 90 million Mastercard-accepting locations worldwide, both in-store and online.
Binance seems to be planning to further expand its card product. Binance CEO Changpeng Zhao teased the launch of the Argentina card on July 24 and revealed that the card will be available in other regions soon as well.
Argentina is one of the countries with the highest inflation rate in the world. It is this issue that has brought people to cryptocurrencies and crypto has been playing an important role here.
Along with Mastercard, Visa is also focusing on boosting its presence in Latin America. Visa has established partnerships with Crypto.com, Alterbank, Zro Bank, Agrotoken and Satoshi Tango. This giant is also shaking hands with Tribal Credit to expand card services for small and medium businesses here.
Previously, Binance launched a card product for European residents in 2020. The card is issued by Visa and offers easy conversion between cryptocurrencies and euros. But the product works like a debit card, not a prepaid card.