Crypto exchange Binance has partnered with Mastercard to launch a cryptocurrency power card for customers in Argentina. The card will be useful to spend digital assets in everyday purchases, a press release says, and reduce the gap between crypto and fiat payment rails.
The Latin American country will be the first to see this product available on its territory. At the time of writing, Binance claims the product is currently in beta; it will become “widely available” for all users in Argentina over the coming weeks.
The Binance Card is issued by Credencial Payment, the press release revealed. Every user in the country will be available for the product as long as they have completed the exchange Know Your Customer (KYC) process and presented a valid national ID.
The card will allow users to spend their cryptocurrencies in over 90 million Mastercard-affiliated merchants around the world. Crypto payments with the card will be “seamless”, the product will instantly convert digital assets to fiat current in “real-time” upon checkout.
Binance card users will be eligible for an 8% crypto cashback for their purchases and will be able to benefit from “zero fees on ATM withdrawals”. Users will be able to spend their BNB, and Bitcoin balances.
Walter Pimenta, Executive Vice President, Products and Innovation, at Mastercard Latin America and the Caribbean said the following about the partnership and product:
Mūsų darbas su skaitmeninėmis valiutomis remiasi mūsų tvirtu pagrindu, leidžiančiu rinktis ir būti ramiems, kai žmonės apsiperka ir moka. Kartu su mūsų partneriais „Mastercard“ pirmauja mokėjimų pramonėje, leisdama patekti į šį įdomų naują pasaulį, padėdamas saugiai ir patikimai pritraukti milijonus papildomų vartotojų prie kriptovaliutų ir kitų skaitmeninių išteklių.
Binance And Mastercard Push Crypto Adoption
The crypto exchange will allow users in Argentina to manage their cards directly via their Binance App and website. In that way, users will have easy access to their transaction history and their funds.
In the coming months, the exchange work on adding support for other cryptocurrencies and “expanding in new markets”. This might hint at a potential expansion to other countries in Latin America.
The region has some of the highest levels of crypto adoptions in the world due to political instability, inflation, and low access to financial services. Maximilian Hinz, General Director of Binance in Latin America added:
Mokėjimai yra vienas iš pirmųjų ir akivaizdžiausių kriptovaliutų naudojimo atvejų, tačiau priėmimas turi daug erdvės augti. Naudodamiesi Binance kortele, prekybininkai ir toliau gauna fiat, o vartotojai atsiskaito pasirinkta kriptovaliuta. Manome, kad „Binance“ kortelė yra svarbus žingsnis skatinant platesnį kriptovaliutų naudojimą ir visuotinį įsisavinimą, todėl dabar ji prieinama vartotojams iš Argentinos.
At the time of writing, BNB’s price trades at $300 with sideways movement on low timeframes.
Source: https://bitcoinist.com/binance-mastercard-partner-to-launch-card-argentina/