Binance in collaboration with Mastercard has launched a prepaid rewards card in Argentina to empower people to spend crypto on everyday goods. Users will be able to buy things and pay bills with cryptocurrencies. The Binance Card, issued by Credencial Payments, will bridge the gap between cryptocurrencies and everyday purchases.
Argentina is the first country in the Latin American region to have such a card. It is being seen as a “hope” as the native fiat currency peso suffers from one of the world’s highest levels of inflation. Through the card, Binance is working towards furthering global cryptocurrency adoption in a tangible manner. Moreover, users can enjoy a seamless transaction in which their cryptocurrencies are converted to fiat currency in real-time at the point of purchase. They can also earn up to 8% in crypto cashback on eligible purchases and enjoy zero fees on ATM withdrawals. Users can manage their Binance Card through the card dashboard on the Binance App and web portal. They can view their transaction history and access customer support through the dashboard.
Walter Pimenta, the Executive Vice President, Products and Innovation, Mastercard Latin America and the Caribbean, says they want to enable choice and peace of mind when people shop and pay. He said Mastercard has been leading the payments industry in enabling entry to this existing new world. It has helped bring millions of additional users into crypto and other digital assets in a safe and trusted manner.
Maximiliano Hinz, general director of Binance Latin America, highlighted that payments is one of the first and most obvious use cases of crypto. Its adoption has a lot of room to grow. Hinz explained that with the Binance Card, merchants will continue to receive fiat and the users will pay in the cryptocurrency of their choice. He described Binance Card as a significant step in encouraging wider crypto use and global adoption.
Furthermore, the crypto exchange plans to continue expanding in new markets and provide support for additional cryptocurrencies.