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On August 4, Binance announced its partnership with Mastercard, a multinational financial services company known for its line of credit cards, to launch a cryptocurrency prepaid card in Argentina.
According to one official statementArgentina has become the first Latin American country to have a Binance prepaid card, which is expected to be “widely available in the coming weeks.”
Additionally, users in Argentina will be able to purchase and pay bills and use their cryptocurrency to pay more than 90 million merchants using Mastercard’s payment services.
This will be the first crypto card to be backed by a global exchange. Argentinians already have options provided by local crypto exchanges such as Lemon. Also, Crypto.com introduced a similar product in Brazil: Its Series metal cards with cash back and benefits according to a list of tiers.
Users will get up to 8% cashback on their purchases.
One of the major benefits of the new Binance Card is that it provides up to 8% cashback in BNB for certain purchases. Eligible refunds from Binance will be credited to the funded wallet immediately.
Additionally, this card does not charge any fees for ATM withdrawals. Users can withdraw up to 45,000 pesos ($339 at the official exchange rate) per day or a maximum of 180,000 pesos ($1357) per month.
The cashback alone makes the Binance card a strong competitor against traditional banks that tend to offer very low cashback rates (or the equivalent in points) and charge high fees for ATM withdrawals.
To apply for the card, users must have an active Binance account. This card will allow purchases of up to 90,000 pesos per day and a maximum of 360,000 pesos per month.
New Binance Card Will Encourage Crypto Adoption in Argentina
Mastercard is betting big on the cryptocurrency scene, especially in Latin America, since one of its studies concluded that half of the region’s population is familiar with crypto. Maximiliano Hinz, general manager of Binance in Latin America, said that this card would help boost the use of cryptocurrencies in Argentina by allowing merchants to receive funds while at the same time allowing users to decide to pay in a variety of cryptocurrencies.
“Payments are one of the first and most obvious use cases for crypto, however, adoption has a lot of room for growth. When using the Binance Card, merchants still receive fiat and users pay in the cryptocurrency of their choice. We believe the Binance Card is an important step in encouraging greater cryptocurrency use and global adoption, and it is now available to users in Argentina.”
Walter Pimenta, Executive Vice President of Products and Innovation at Mastercard Latin America and the Caribbean, said that thanks to this partnership, Mastercard will enable millions of users to enter the world of cryptocurrencies with the security and reliability that the company offers.
“Our work with digital currencies builds on our strong foundations to enable choice and peace of mind when people shop and pay. Together with our partners, Mastercard is leading the payments industry in entering this exciting new world, helping to bring millions of additional users to cryptocurrencies and other digital assets in a safe and secure way.”
Currently, the supported cryptocurrencies for Binance Card payments are BNB, BUSD, BTC, ETH, USDT, USDC, ADA, DOT, SOL, MANA and SXP.
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