Binance and Mastercard Partner on Prepaid Rewards Card in Brazil

Popular crypto exchange Binance and financial services company Mastercard (NYSE: MA) have partnered to launch a prepaid rewards card in Brazil. The new card will be available to Brazilians with valid national IDs and permit them to make purchases and pay bills using crypto. Before the latest partnership with Brazil, Binance rolled out the Binance Argentina Card last year, which supports real-time crypto-to-fiat conversion. This enables users to spend crypto with merchants across the world.

Binance to Launch Rewards Card in Brazil

Like Argentina, Brazil is also one of the leading markets for Binance globally and has now become the second country in Latin America to have the product. The general manager at Binance for Brazil, Guilherme Nazar, referred to Brazil as an “extremely relevant market for Binance.” Nazar added that the crypto company would continue to invest in the country and also support the advancement of the crypto ecosystem.

According to an announcement by the crypto exchange, unveiling the prepaid rewards cards contributes to the ongoing efforts to link existing financial services to the continually expanding crypto industry. Currently, the Binance card is in the beta launch stage, and the crypto company assures that it will be fully available for all users in the coming weeks.

According to Binance, all existing and new in Brazil have access to the rewards card that supports 14 cryptocurrencies, including Bitcoin and BNB. At the same time, more than 90 million Mastercard merchants across the globe will accept it both online and in brick-and-mortar stores. The crypto company explained:

“Users can enjoy a seamless transaction in which their cryptocurrencies are converted to fiat currency in real-time at the point of purchase. One of the perks includes up to 8% cashback in crypto on eligible purchases and zero fees on ATM withdrawals.”

However, the cardholders should bear in mind that third-party services network fees may apply. Also, the exchange app has a card dashboard where users can manage their cards. The Binance website is also available for card management.

Brazil’s Growing Crypto Adoption

A global survey of over 35,000 respondents revealed Brazil is one of the top markets in crypto interest. Per the 2022 Mastercard New Payments Index, 59% of Mastercard Brazilian customers have conducted at least a crypto-related transaction in the past year, compared to the global average of 41%. Marcelo Tangioni, Mastercard Country Manager, Brazil, spoke on crypto adoption in the country.

“Brazilians are eager to embrace crypto beyond an investment asset. Today is an exciting step in the crypto journey, which draws on the strengths of both our trusted global network and Binance’s infrastructure to support consumer choice in payments,” said he.