To provide a prepaid cryptocurrency card in Argentina, Binance announced on August 4 that it had partnered with Mastercard, a global financial services corporation recognized for its selection of credit cards.
Argentina is the first nation in Latin America to have a Binance prepaid card, which is anticipated to be “widely available in the coming weeks,” according to an official announcement. Additionally, users in Argentina will be able to use their cryptocurrencies to pay at more than 90 million retailers that accept Mastercard while making purchases and paying bills.
The first cryptocurrency card backed by a major exchange would be this one. Argentines have access to options thanks to regional cryptocurrency exchanges like Lemon.
One of its most important benefits is that the new Binance card offers up to 8% cashback in BNB for particular transactions. Refunds from Binance meeting certain criteria will be added immediately to the funded wallet.
Additionally, no costs are associated with using this card to withdraw money from ATMs. Users can withdraw a maximum of 180,000 pesos ($1357) monthly or 45,000 pesos ($339 at the official exchange rate) daily.
The cashback makes Binance’s card a strong rival to traditional banks, which often offer relatively low cashback percentages (or their point equivalent in cashback) and impose large costs for ATM withdrawals.
Users must have an active Binance account to apply for the card. This card’s daily and monthly limits are 90,000 and 360,000 pesos.
Given that one of its research found that half of the population in the region is aware of cryptocurrencies, Mastercard is placing significant bets on the cryptocurrency market, particularly in Latin America. According to Maximiliano Hinz, general manager of Binance in Latin America, this card would encourage increased adoption of cryptocurrencies in Argentina by enabling retailers to accept fiat money while also giving customers the option to pay with a range of cryptocurrencies.
Thanks to this collaboration, Mastercard will enable millions of customers to enter the world of cryptocurrencies with the security and dependability that the firm provides, according to Walter Pimenta, Executive Vice President of Products and Innovation at Mastercard Latin America and the Caribbean. For now, BNB, BUSD, BTC, ETH, USDT, USDC, ADA, DOT, SOL, MANA, and SXP are the cryptocurrencies that can currently be used to make payments using the Binance Card.
