Binance, one of the leading cryptocurrency exchanges, has partnered with Mastercard to launch a rewards card powered by bitcoin and other cryptocurrencies in Argentina, according to a press release.
Argentina will be the first country to gain access to Binance Card as the product is currently in a beta phase, but plans to aggressively expand in the near future are imminent. The card is issued by Credential Payments and will allow new and existing Binance users in Argentina with a national ID the ability to make purchases and pay bills with bitcoin by leveraging Mastercard’s network of over 90 million merchants worldwide.
Users of Binance Card will gain up to 8% cashback on purchases while have zero fees for ATM withdrawals. For the merchants, bitcoin is converted into fiat currencies in real time making the transaction seamless for both merchants and consumers.
“Payments is one of the first and most obvious use cases for crypto, yet adoption has a lot of room to grow,” said Maximiliano Hinz, general director of Binance in Latin America.
“By using the Binance Card, merchants continue to receive fiat and the users pay in cryptocurrency they choose,” Hinz continued. “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.”
Additionally, should users want to manage their Binance Card on the go, check transaction history, or access customer support, a dashboard in the Binance App and on the exchange’s website will allow quick and easy access to do so.
“Our work with digital currencies builds on our strong foundation to enable choice and peace of mind when people shop and pay,” said Walter Pimenta, executive VP of products and innovation for Mastercard in Latin America and the Caribbean.
“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,” Pimenta concluded.