Payment giant Mastercard Inc in alliance with the world’s largest cryptocurrency exchange Binance is working towards enabling crypto payments in 90 million stores worldwide. So customers will be able to use their crypto to make purchases at 90m+ stores that accept Mastercard.
Mastercard CEO Micheal Miebach said that the firm is launching these efforts in Argentina and plans to expand further from there. This new offering will provide clients with a simple way to acquire cryptocurrencies without having to pay fees or navigate the onboarding processes at exchanges which can sometimes be complicated. The card will also come with other benefits such as access to exclusive offers with selected merchants and comes with no foreign transaction fees or annual fees.
The Binance debit card works the same as any other bank card, the only difference is that it is not linked to a mobile banking app, but to a crypto wallet.
Clients will top-up their card with funds using the Binance Card App and then their crypto holdings will be converted to fiat within seconds, which can be spent at over 90 million Mastercard merchants across the world. This implies that the card doesn’t directly connect to the platform’s customer account.
Holders of the Binance card will be able to earn up to 8% in crypto cashback on eligible purchases and will also enjoy zero fees on ATM withdrawals. The card can currently hold only two digital currencies, namely Bitcoin and Binance’s native token BNB, and clients can pre-select the digital wallet they want to debit when funding the card balance.
The Binance Card will instantly convert the cryptocurrencies into other fiat currencies and automatically deducts all expenses and commissions, whenever a cardholder makes a payment.
In a LinkedIn post, Mastercard CEO Michael Miebach said “We can unlock the full potential of blockchain technology when we make it easier to access and to use. One way we can do that is by bringing crypto into everyday purchases. To make that a reality, we’re working with Binance to let people use their crypto to make purchases at 90m+ stores that accept Mastercard.”
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