Mastercard and Binance announced the launch of a credit card for paying in cryptocurrencies in Argentina. The new collaboration should increase the number of crypto payments for everyday purchases so that people can use their digital coins when shopping at stores that accept Mastercard.
Binance, the world's leading provider of blockchain infrastructure and cryptocurrencies, and payment giant, Mastercard, announced the launch of the Binance Card in Argentina to bridge the gap between cryptocurrencies and everyday purchases, according to a press release. Argentina will be the first country in Latin America where this product is introduced. Binance Card is part of the company's ongoing efforts to promote the global adoption of cryptocurrencies. The product is in beta testing and will be widely available in the coming weeks.
The Binance Card, issued by Credencial Payments, will allow all new and existing Binance users in Argentina with a valid national ID to make purchases and pay bills with cryptocurrencies, including Bitcoin, at over 90 million Mastercard merchants worldwide, both in-store and online. Users can benefit from a seamless transaction where their cryptocurrencies are converted to fiat currency in real-time at the time of purchase, as well as earn up to 8% crypto cashback on qualifying purchases.
Binance cardholders will be able to manage their cards through the card panel in the app and on the Binance website. Users will also be able to view their transaction history and access customer support via the card dashboard.
Walter Pimenta, Executive Vice President, Products and Innovation, Mastercard Latin America and the Caribbean said:
“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.”
Maximiliano Hinz, CEO of Binance in Latin America said:
“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 wider crypto use and global adoption and now it is available for users from Argentina.”
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Eva Fox joined Tesmanian in 2019 to cover breaking news as an automotive journalist. The main topics that she covers are clean energy and electric vehicles. As a journalist, Eva is specialized in Tesla and topics related to the work and development of the company.