Mastercard and the world’s top blockchain and cryptocurrency infrastructure provider, Binance announced the launch of the Binance Card on August 5 in order to bridge the gap between cryptocurrencies and everyday purchases, as Argentina’s currency experiences some of the highest levels of inflation in the world.
Argentina is the first nation in Latin America to have this kind of product, according to the report. Although this product is in the beta stage and will be broadly accessible in the upcoming weeks, the Binance Card is a part of the company’s ongoing efforts to boost worldwide cryptocurrency acceptance in a practical way.
All new and current Binance users in Argentina with a genuine national ID can use the Binance Card provided by Credencial Payments to make purchases and settle bills using cryptocurrencies, including Bitcoin and Binance coin BNB, at more than 90 million Mastercard merchants globally, both in-person and online.
“Users can enjoy a seamless transaction in which their cryptocurrencies are converted to fiat currency in real-time at the point of purchase, as well as earn up to 8% in crypto cashback on eligible purchases and enjoy zero fees on ATM withdrawals,” the company says.
They also noted that Binance cardholders will be able to manage their cards through the card dashboard on the Binance App and website, and will also be able to view their transaction history and access customer support via the card dashboard.
Mastercard’s engagement with digital currencies, according to Walter Pimenta, Executive Vice President, Products and Innovation, Mastercard Latin America and the Caribbean, builds on its solid foundation to provide choice and peace of mind when people shop and pay.
Mastercard, he claims, has been leading the payments sector in opening doors to this innovative new market alongside its partners, assisting in the safe and dependable entry of millions of additional users into cryptocurrencies and other digital assets.
Accordingly, payments are one of the earliest and most obvious use cases for cryptocurrencies, but acceptance still has a lot of opportunities to expand, according to Binance’s general director for Latin America Maximiliano Hinz. The customers pay in the cryptocurrency of their choice with the Binance Card while merchants continue to accept fiat payments.
“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,” said Maximiliano Hinz.