Binance, a global crypto exchange in the world, has partnered with Mastercard on a new project. Both entities want to launch a cryptocurrency prepaid card in the Latin American country, Argentina.
Crypto Prepaid Card Holders To Receive 8% Cashback
The prepaid card is still under development and will be made accessible soon. This would help to fuel crypto usage in Argentina.
Meanwhile, Argentinians have other options provided by local exchange firms such as Lemon. Crypto.com had launched a similar initiative in Brazil with cashback and other perks.
According to reports, Argentinians can have access to the crypto card using a Valid ID card. This crypto card is in line with Binance’s global expansion into the country.
The crypto card would allow holders to use cryptocurrency to make payments at various global Mastercard merchant stores. At the time of purchase, the card will convert crypto directly to fiat currency.
Additionally, users will earn a crypto cashback of 8% on all purchases. Another perk of using the card is that there will be no charges on all ATM withdrawals.
Walter Pimenta, Mastercard’s Executive VP for Latin America, said the company is leading the payment sector and is looking for ways to adopt new technologies. Pimenta said the new partnership would help more people to buy items.
Crypto Card Holders Can Use App Features
Furthermore, holders of the crypto card can access and manage its features using the website and the app. Other features on the app include customer support and payment history.
Argentina is the first country in Latam to debut the crypto card. Argentina has become a centre for several cryptocurrency cards. Nearly three local exchanges have recently started offering their cryptocurrency card services.
Binance, which began operation in 2017, is among the major crypto exchanges in the world. It has more than 30 million users with a footprint across the globe.
Despite the recent market crisis in 2022, the crypto firm has been moving on with its expansion plan. However, other crypto firms have laid off workers while others have gone bankrupt.
Mastercard is bullish on the crypto industry and its potential. According to a recent report by the payment giant, over 50% of those in Latin America have cryptocurrency.
Maximiliano Hinz, Binance’s General Director in Latam, said the crypto card would increase the usage of crypto in Argentina. Also, merchants can receive crypto payments directly in fiat money without having to convert to fiat currency themselves.