Binance partners with Mastercard for a crypto payment card in Argentina
Crypto exchange Binance has partnered with payments giant Mastercard to offer a crypto-enabled payment card in Argentina.
The Binance Card, designed to “bridge the gap between cryptocurrencies and everyday purchases” and issued by Credencial Payments, will allow Binance users to make online and in-store purchases with cryptos, including Bitcoin (BTC ), wherever Mastercard is accepted.
Argentina is the first country in Latin America to receive the card product, but Binance plans to eventually offer the product in other markets and provide support for additional cryptocurrencies in the future.
Walter Pimenta, Mastercard Latin America and Caribbean Executive Vice President for Product and Innovation, said the new Binance Card “will bring millions more users into crypto and other digital assets securely and reliably. “.
Writing on LinkedIn, Mastercard CEO Michael Miebach adds, “We can unlock the full potential of blockchain technology when we make it easier to access and easier to use.”
Cryptocurrencies will be converted into fiat currency in real time at the point of purchase, and users can earn up to 8% crypto cashback on qualifying purchases. The product is currently in beta phase and should be available in the coming weeks.
Cardholders will be able to manage their cards, view their transaction history, and access customer support through the card dashboard on the Binance app and website.
Maximiliano Hinz, Managing Director of Binance in Latin America, says, “Payments is one of the earliest and most obvious use cases for crypto, but there is still plenty of room for adoption to grow.”
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