Mastercard, and Binance, the world’s leading blockchain and cryptocurrency infrastructure provider have announced the launch of Binance Card in Argentina to “bridge to gap between cryptocurrencies and everyday purchases.” The country will become the first in South America to have the product and will become widely available in the coming weeks.
Users Will Get 8% Cash Back on Purchases
Binance and Mastercard have successfully launched a prepaid reward card in Argentina to help people spend cryptocurrency on everyday goods in a region where the native currency suffers from one of the world’s highest levels of inflation. The card will allow users to buy things and pay bills with Bitcoin among other cryptocurrencies at more than 90 million merchants, according to a statement made by the exchange on Thursday. The announcement continues to say that the card will convert the cryptos users hold on its application into fiat currency in real-time at the point of sale. Users will also be awarded a crypto cash back reward of up to 8%.
General director of Binance in Latin America Maximiliano Hinz said in the announcement,
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.
The card does not charge any fees for withdrawals through ATMs, and users can withdraw up to 45,000 pesos ($339 at the current exchange rate) per day or a maximum of 180,000 pesos ($1357) per month. Binance’s card cashback makes it a strong competitor against the traditional banks as they offer a very low cashback percentage or charge high fees for ATM withdrawals.
New Crypto Card Set to Increase Crypto Adoption in Argentina
Mastercard is hedging its bets on cryptocurrency in Latin America as its studies have shown that more than half the region’s population is familiar with digital assets. Hinz said that this card is set to foster increased use of cryptos in the country and will allow merchants to receive fiat money while simultaneously letting users pay in a variety of cryptos,
Payments are one of the first and most obvious use cases for crypto, however, adoption has a lot of room to grow. When using the Binance Card, merchants still receive fiat and users pay in the cryptocurrency of their choice. We believe the Binance Card is an important step in encouraging greater use of cryptocurrencies and their global adoption and is now available to users in Argentina.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.