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:
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.
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:
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.
At the time of writing, BNB’s price trades at $300 with sideways movement on low timeframes.