By
Chimamanda U. Martha
April 25th, 2024
The pre-paid card service is expected to encourage wider crypto adoption as it brings digital assets to everyday purchases.
Mastercard CEO Michael Miebach, in a Tuesday LinkedIn post, commented on the payments giant’s collaboration with Binance to launch a prepaid card called Binance Card. The card service is set to launch in Argentina first before expanding to other regions. It will allow users to make purchases with a Binance card at over 90 million stores that work with Mastercard worldwide.
JUST IN: Mastercard CEO says they’re working with #Binance to let people spend crypto at more than 90,000,000 stores. pic.twitter.com/G8etp94xkZ
— Watcher.Guru (@WatcherGuru) August 23, 2022
The partnership was first announced earlier this month with details that the card will be issued by Credencial Payments. Both existing and new Binance users in Argentina with a valid national identity document will be eligible for the service which will allow them to make purchases and pay bills using cryptocurrencies. The service will ensure seamless transactions as it will convert crypto to fiat in real-time during purchases. Users will also be able to earn up to 8% in crypto cashback on select purchases as well as enjoy zero fees on ATM withdraws. Through the card dashboard in-app and on the Binance website, users can manage their cards, view transaction history and access customer support.
Walter Pimenta, Executive Vice President, Products and Innovation, Mastercard Latin America and the Caribbean said of the service:
“Our work with digital currencies builds on our strong foundation to enable choice and peace of mind when people shop and pay. Together with our partners, Mastercard has been leading the payments industry in enabling entry to this exciting new world, helping bring millions of additional users into crypto and other digital assets in a safe and trusted manner.”
The pre-paid card service is expected to encourage wider crypto adoption as it brings digital assets to everyday purchases.
“Payments is one of the first and most obvious use cases for crypto, yet adoption has a lot of room to grow. By using the Binance Card, merchants continue to receive fiat and the users pay in cryptocurrency they choose. We believe the Binance Card is a significant step in encouraging wider crypto use and global adoption and now it is available for users from Argentina,” said Maximiliano Hinz, General Director of Binance in Latin America.