Binance – the world’s leading cryptocurrency exchange – has joined hands with Mastercard to launch the Binance prepaid card in Argentina. The crypto exchange made this announcement on Thursday, August 4, 2022.
According to Binance, the prepaid card will enable its customers in Argentina to purchase products and services and make their payments in BTC and BNB. Customers will also be able to do ATM withdrawals in cash (fiat money) wherever Mastercard is accepted – both online and in physical stores. Argentines will now be able to make payments in cryptocurrencies to over 90 million merchants with their Binance prepaid cards!
As per Binance, this power move will allow them to “bridge the gap between cryptos and everyday purchases.” The best thing about the Binance Crypto prepaid cards is that all the cardholders can also get their hands on lucrative offers and discounts. According to Binance, the cardholders will be able to earn up to 8% of crypto cash back on certain purchases.
The new card is being launched with the hope of boosting the adoption of cryptos in Argentina. The General Director of Binance in Latin America, Maximiliano Hinz said: “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.”
To acquire the card, individuals in Argentina will need to have a valid national ID card. To make the scheme even more lucrative, Binance and Mastercard have decided that they will not charge any fees from the users for ATM withdrawals. Users are allowed to withdraw up to 45,000 pesos per day or a maximum of 180,000 pesos monthly.