Binance And Mastercard Launch Bitcoin Card In Argentina
Binance partners with Mastercard to launch credit cards in Argentina to help people spend crypto daily.
Accordingly, Binance Card will make it easy to convert crypto into fiat currency in real-time. Cardholders in Argentina can get up to 8% cashback in crypto at select merchants. An announcement last night states the card will be issued in Argentina.
Binance Latin America General Manager Maximiliano Hinz said in a statement:
“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 cryptocurrency they choose. We believe the Binance Card is a significant step in encouraging crypto use and global adoption and now it is available for users from Argentina.”
Argentina is the first Latin American country to have access to Binance Card. According to the statement, the card is currently in beta and will be rolled out to a broader audience in the coming weeks.
Bitcoin and Binance Coin (BNB) are two cryptocurrencies the card will support, and current users will not be charged for ATM withdrawals.
The card, issued by Credencial Payments, allows all new and existing users in Argentina with a valid national ID to make purchases and pay bills with cryptocurrencies, including Bitcoin and BNB, at over 90 million Mastercard merchants worldwide, both in-store and online.
The world’s No. 1 exchange plans to expand its card product further. CEO Changpeng Zhao teased the launch of the Argentina card on July 24 and revealed that the card would also be available in other regions.
Argentina is one of the countries with the highest inflation rate in the world. This issue has brought people to cryptocurrencies, and crypto has played an important role here.
Along with Mastercard, Visa also focuses on boosting its presence in Latin America. Visa has established partnerships with Crypto.com, Alterbank, Zro Bank, Agrotoken, and Satoshi Tango. The company also works with Tribal Credit to expand card services for small and medium businesses.
Previously, Binance launched a card product for European residents in 2020. The card is issued by Visa and offers easy conversion between cryptocurrencies and euros. This product works like a debit card rather than a prepaid card.
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