In the cryptocurrency industry, one of the biggest use cases is making day-to-day payments using digital assets without having to convert them to fiat. As cryptocurrencies are decentralized, they do not impose restrictions that are generally observed in fiat. Slowly, several projects and payment gateways are making headway in this use case by creating applications and gateways that allow users to make payments directly using cryptocurrencies.
Binance and Mastercard are also working on launching prepaid cards to make cryptocurrencies more accessible for users. Binance, the world’s leading cryptocurrency, blockchain infrastructure provider, and payment network, Mastercard, has announced the launch of the Binance Card in Argentina to bridge the gap between daily transactions and cryptocurrencies.
The Binance Card
The Binance Card is a part of Binance’s initiative to enable global cryptocurrency adoption. The card is currently in the beta phase and will be made available in Argentina in the coming weeks. The card is issued by Credential Payments and will allow all existing and new users in Argentina with a valid nation ID to make payments using cryptocurrencies such as Bitcoin and BNB in all Mastercard-accepted stores.
With this card, users can enjoy seamless transactions using the real-time conversion of crypto to fiat. Moreover, the users are also eligible for up to 8% cashback on selected purchases, along with zero fees on ATM withdrawals.
“Our work with digital currencies builds on our strong foundation to enable choice and peace of mind when people shop and pay. Together with our partners, Mastercard has been leading the payments industry in enabling entry to this exciting new world, helping bring millions of additional users into crypto and other digital assets in a safe and trusted manner”, said Walter Pimenta, Executive Vice President, Products and Innovation, Mastercard Latin America and the Caribbean.
“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 the 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”, said Maximiliano Hinz, general director of Binance in Latin America.
Binance continues to expand on its services and is helping in the onboarding of users.