Binance has joined forces with payments network Mastercard to bring prepaid cards to Argentinian customers. Binance believes its new crypto card couldn’t have come at a better time in a country struggling with rising inflation. The major exchange shared the news on Thursday alongside other details of the forthcoming release.
The New Binance Card
According to the Binance publication, the joint rollout will be called the Binance Card. New and existing Binance customers in Argentina will access it provided they have an authentic national ID. With the Binance Card, holders can complete purchases and pay off bills using virtual coins including BTC and BNB.
The card offers seamless transactions as the holder’s crypto assets are converted to fiat in real-time as purchase occurs. Other interesting features include 8% crypto earnings on certain operations and free ATM withdrawals. These are accessible across Mastercard’s global network of over 90 million merchants both online and in brick-and-mortar locations.
#Binance teams up with @Mastercard to launch a new prepaid card in Argentina, bringing crypto payments into the region 🇦🇷
Users can enjoy:
🔸 Making purchases in crypto (#BTC, #BNB & more)
🔸 Up to 8% in crypto cashback
🔸 Zero fees on ATM withdrawals
— Binance (@binance) August 4, 2022
Finally, to manage their cards, Binance Cardholders will have to use either the platform’s App or website. There, they will find the card dashboard, which will also allow them to view their transaction history.
Encouraging Crypto Adoption
At the moment, the product is undergoing Beta testing ahead of its launch in the coming weeks. Its release will mark another step in the crypto company’s venture to push crypto adoption forward and produce visible progress. It appears the card will aid Binance’s efforts by serving as a way to connect day-to-day transactions and cryptocurrencies.
Binance’s Latin America General Director, Maximiliano Hinz, affirmed the platform’s sentiment concerning payments and crypto adoption. Making payments is the go-to sector for crypto integration, however, adoption still has a long way to go. Hinz believes the Binance Card will be a key factor for growth in this area.
Binance’s Latin America General Director, Maximiliano Hinz, affirmed the platform’s sentiment concerning payments and crypto adoption. Payments is the go-to sector for crypto integration, however, adoption still has a long way to go. Hinz believes the Binance Card will be a key factor for growth in this area.
By using the Binance Card, merchants continue to receive fiat and the users pay in cryptocurrency they choose. We believe the Binance Card is a significant step in encouraging wider crypto use and global adoption.”
Mastercard Opening the Door to Similar Moves
Walter Pimenta, Mastercard’s Executive Vice President of Products and Innovation in Latin America and the Caribbean, shared the card company’s views. Pimenta explained that Mastercard’s venture into the crypto space is part of its goal to provide choice and peace of mind as people make payments. As a matter of fact, Mastercard could be paving the way for players in the payments sector to bring users into the crypto sphere.
Pimenta describes it as an exciting new world, and new entrants can join in through secure and reliable processes. Argentina will be the first Latin American nation to receive the Binance Card. However, Binance users in Ukraine gained access to a similar product earlier this year.