Binance and Mastercard introduce Binance Card in Argentina
Mastercard and Binance, the world’s biggest crypto exchange by trading volume, have launched Binance Card in Argentina to close the gap between everyday purchases and cryptocurrencies, Coin Journal learned from a press release.
Flagship product in Latin America
This is the first product of its kind in Latin America and part of Binance’s mission to tangibly further global crypto adoption. Binance Card is currently in its beta phase and will become available in the next few weeks.
All holders can pay bills and make purchases with crypto
Holders of the Binance Card with a valid government ID in Argentina will be able to pay bills and make purchases using crypto, including Bitcoin and Binance Coin, at 90+million merchants that accept Mastercard.
Users of the card, which Credencial Payments will issue, will enjoy a frictionless transaction where their cryptocurrency is converted to fiat at the point of sale in real-time. They will pay no fees when withdrawing from the card at ATMs. Third-party services and network fees may apply.
Binance Card pluses
Holders will also be able to earn up to 8% in crypto cashback on eligible purchases and access support, see their transaction history, and manage their cards via the dashboard on the Binance App and website.
Walter Pimenta, Executive VP of Products and Innovation at Mastercard’s regional office, commented:
Our work with digital currencies is based on our strong foundation to give people peace of mind and enable choice when they shop and pay. Mastercard leads the payments industry in allowing entry to this exciting new realm, helping onboard millions of new users into crypto and other digital assets safely and in a trusted manner.
General director of Latin America’s Binance office Maximiliano Hinz added:
Payments are among the first and most obvious use cases for crypto, but there is a lot of room for adoption. Merchants still receive fiat when they use the Binance Card. Buyers pay in the cryptocurrency of their choice. We find the Binance Card to be an essential component of the process of encouraging wider crypto use and global adoption, and now it is available for users from Argentina.