Binance to launch a prepaid crypto card in partnership with Mastercard
August 4, 2022
The world's largest cryptocurrency exchange, Binance, revealed that it has partnered with Mastercard to launch its very own prepaid Binance card, which lets users spend their crypto on buying everyday items. According to Binance, the product is currently in beta and will launch initially in Argentina on August 23.
Mastercard's involvement in this endeavor means that people will be able to use the Binance Card to make purchases from over 90 million Mastercard merchants worldwide, both online and in-store in Argentina. The Binance Card will be issued by Credencial Payments, which specializes in developing digital payment systems in Latin America.
Mastercard's CEO Michael Miebach posted about the news stating that "We can unlock the full potential of blockchain technology when we make it easier to access + easier to use". The card will allow new and existing Binance users in Argentina, with a valid national ID card, to make purchases and pay bills with several different cryptocurrencies, including Bitcoin(BTC) and Binance coin(BNB).
To tackle the ever-changing market of cryptocurrencies, Binance card users will have their crypto converted into fiat currency in real time at the point of purchase. Currently Binance also has plans to offer zero fees on ATM withdrawals along with up to 8% in crypto cashback on eligible purchases. Binance card users will have access to a new card dashboard on both the Binance App and website which will allow them to manage their card, view transaction history, access customer support along with a whole host of other features.
Maximiliano Hinz, general director of Binance in Latin America, commented on the announcement by saying that "Payments is one of the first and most obvious use cases for crypto, yet adoption has a lot of room to grow. 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 and now it is available for users from Argentina".