Binance has teamed up with Mastercard to launch Binance Card in Argentina. This prepaid card will make it easy to convert cryptocurrencies into fiat currency in real time. Cardholders in Argentina can get up to 8% cashback in crypto for specific purchases.
“Payments is one of the first and most obvious use cases for cryptocurrency, but adoption has a lot of room to grow. With Binance Card, merchants can still receive fiat and users can pay in cryptocurrency. We believe this is an important step forward in encouraging greater use of cryptocurrencies”, Maximiliano Hinz, general director of Binance in Latin America, said.
Argentina is the first Latin American country to gain access to Binance Card. The card is currently available in beta version and will be rolled out to a wider audience in the coming weeks. Bitcoin and Binance Coin (BNB) are two of the cryptocurrencies supported; users now will also not be charged for ATM withdrawals.
Binance Card, issued by Credencial Payments, allows all new and existing Binance users in Argentina with a valid national ID to make purchase and pay bills with cryptocurrencies, including Bitcoin and BNB, at over 90 million merchants accept Mastercard worldwide, both in-store and online.
Binance CEO Changpeng Zhao teased the launch of Binance Card in Argentina 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 and this time, cryptocurrencies have been showing their importance.
Along with Mastercard, Visa also plans to expand in Latin America. Visa has partnered with Crypto.com, Alterbank, Zro Bank, Agrotoken, and Satoshi Tango. It is also shaking hands with Tribal Credit to expand card services for small and medium businesses here.
Binance previously launched a card for European residents in 2020. The card, issued by Visa, allows users to easily convert cryptocurrencies to euros. However, this card works as a debit card, not a prepaid card like Binance Card.
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