Binance And Mastercard Launch Crypto Prepaid Card in Argentina

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On August 4, Binance announced its part­ner­ship with Mas­ter­card, a multi­na­tion­al finan­cial ser­vices com­pa­ny known for its line­up of cred­it cards, to launch a pre­paid cryp­tocur­ren­cy card in Argentina.

As per an offi­cial state­ment, Argenti­na has become the first Latin Amer­i­can coun­try to have a Binance pre­paid card, which is expect­ed to be “wide­ly avail­able in the com­ing weeks.”

In addi­tion, users in Argenti­na will be able to pur­chase and pay bills and use their cryp­tocur­ren­cy to pay at more than 90 mil­lion mer­chants that use Mastercard’s pay­ment services.

This would be the first cryp­to card backed by a glob­al exchange. Argen­tini­ans already have options pro­vid­ed by local cryp­to exchanges like Lemon. Also, Crypto.com intro­duced a sim­i­lar prod­uct in Brazil: Its line of met­al cards with cash­back and perks accord­ing to a tier list.

Users will receive up to 8% cash back on their purchases.

One of the most sig­nif­i­cant advan­tages of the new Binance card is that it pro­vides up to 8% cash­back in BNB for spe­cif­ic pur­chas­es. Qual­i­fy­ing refunds from Binance will be imme­di­ate­ly cred­it­ed to the fund­ed wallet.

In addi­tion, this card does not charge any fees for with­drawals through ATMs. 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 Binance’s card a strong com­peti­tor against tra­di­tion­al banks that tend to offer very low cash­back per­cent­ages (or its equiv­a­lent in points) and charge high fees for with­draw­ing mon­ey from ATMs.

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.

The New Binance Card Will Encourage Crypto Adoption in Argentina

Mas­ter­card is bet­ting big on the cryp­to scene, spe­cial­ly in Latin Amer­i­ca con­sid­er­ing that one of its stud­ies con­clud­ed that half of the region’s pop­u­la­tion is famil­iar­ized with cryp­to. Max­i­m­il­iano Hinz, gen­er­al direc­tor of Binance in Latin Amer­i­ca, said that this card would help to fos­ter greater use of cryp­tocur­ren­cies in Argenti­na, allow­ing mer­chants to receive fiat mon­ey while at the same time let­ting users 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 to grow. 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 use of cryp­tocur­ren­cies and their glob­al adop­tion and 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 trust­wor­thi­ness that the com­pa­ny offers.

“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.”

For now, the sup­port­ed cryp­tocur­ren­cies for pay­ments through the Binance Card are BNB, BUSD, BTC, ETH, USDT, USDC, ADA, DOT, SOL, MANA, and SXP.

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