Binance teams up with Mastercard for crypto payments card in Argentina
Crypto exchange Binance has partnered with payments giant Mastercard to offer a crypto-enabled payments 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 purchases online and in-store with crypto, including Bitcoin (BTC), wherever Mastercard is accepted.
Argentina is the first Latin American country to receive the card product but Binance says it plans to eventually offer the product in other markets as well as providing support for additional cryptocurrencies in the future.
Mastercard Latin American and the Caribbean executive vice president for products and innovation, Walter Pimenta, says the new Binance Card will “bring millions of additional users into crypto and other digital assets in a safe and trusted manner”.
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 to fiat currency in real time at the point of purchase, and users can earn up to 8% in crypto cashback on eligible purchases. The product is currently in beta phase and is expected to 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, general director of Binance in Latin America, says: “Payments is one of the first and most obvious use cases for crypto, yet adoption has a lot of room to grow.”