Binance has announced a partnership with Mastercard, an international financial services provider known for its credit cards, to launch a crypto prepaid card in Argentina. This will make Argentina the first Latin country to get that product. This announcement was made in an official statement on 4th August 2022.
From the official statement, the card will be widely available in the coming weeks and users in Argentina will be able to use it to make purchases and pay bills at more than 90 million merchants that use Mastercard’s payment services. This will be the first crypto card backed by a global exchange.
One of the most significant rewards of the new Binance card is that it provides up to 8% cashback in BNB for some specific purchases. Any rewards qualified for will be immediately credited to the funded wallet. The card also does not charge any ATM withdrawal fees. Users can withdraw up to 45,000 pesos ($339) per day or maximum 180,000 pesos ($1357) per month.
The cashback alone makes the Binance card a very attractive option and a strong competitor among traditional banks that offer little or no incentives and charge high fees for ATM withdrawals and maintenance. The card will allow online purchases of up to 90,000 pesos daily and a monthly maximum of 360,000 pesos. To apply for the card, Binance users must have an active Binance account.
With this new partnership, MasterCard is betting big on the crypto scene in Latin America. This is a shrewd move when you consider that one of its studies revealed that more than half of the region’s population is familiarized with cryptocurrency. This new card will help drive cryptocurrency adoption in Argentina while also enabling millions of users to enter a secure and trustworthy cryptocurrency ecosystem.
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