According to an official statement, Argentina has become the first country in Latin America to have a Binance prepaid card, which is expected to be “widely available in the coming weeks.”
In addition, users in Argentina will be able to purchase and pay bills and use their cryptocurrency to pay at more than 90 million merchants that use Mastercard’s payment services.
This would be the first crypto card supported by a global exchange. Argentines already have options provided by local crypto exchanges like Lemon. In addition, Crypto.com has introduced a similar product in Brazil: its line of metal cards with cash back and benefits based on a list of levels.
Users will receive up to 8% cash back on their purchases.
One of the most important benefits of the new Binance card is that it offers up to 8% cashback in BNB for specific purchases. Eligible Binance cashback will be credited to the funded wallet immediately.
In addition, this card does not charge any fees for withdrawals via ATMs. Users can withdraw up to 45,000 pesos ($339 at the official exchange rate) per day or a maximum of 180,000 pesos ($1,357) per month.
The cashback alone makes Binance’s card a serious competitor to traditional banks, which tend to offer very low cashback percentages (or its equivalent in points) and charge high fees to withdraw money from ATMs.
To apply for the card, users must have an active Binance account. The card will allow purchases of up to 90,000 pesos per day and a maximum of 360,000 pesos per month.
The new Binance card will encourage crypto adoption in Argentina
Mastercard is betting big on the crypto scene, especially in Latin America, given that one of its studies concluded that half of the region’s population is familiar with crypto. Maximiliano Hinz, general manager of Binance in Latin America, said the card would help foster greater use of cryptocurrencies in Argentina, allowing merchants to receive fiat money while letting users decide to pay in a variety of cryptocurrencies.
Payments are one of the first and most obvious use cases for crypto, however, adoption has plenty of room to grow. When using the Binance card, merchants still receive fiat and users pay in the crypto 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.
Walter Pimenta, executive vice president of product and innovation at Mastercard Latin America and the Caribbean, said that through this partnership, Mastercard will enable millions of users to enter the world of cryptocurrencies with the security and reliability that the company offers.
Our work with digital currencies builds on our strong foundation of enabling choice and peace of mind when people buy and pay. Together with our partners, Mastercard has led the payments industry in enabling entry into this exciting new world, helping to bring millions more users into crypto and other digital assets in a safe and reliable way.
For now, the cryptocurrencies supported for payments via Binance card are BNB, BUSD, BTC, ETH, USDT, USDC, ADA, DOT, SOL, MANA and SXP.