To enable Binance users in Argentina to make payments using cryptocurrencies like bitcoin (BTC-USD) and binance coin, cryptocurrency exchange Binance and Mastercard (NYSE:MA) have launched a crypto-based prepaid card in Argentina (BNB-USD).
The so-called Binance Card, now in beta, will enable new and current Binance users in Argentina with a legitimate national identification to make purchases and settle bills with cryptocurrencies at brick-and-mortar and online retailers accepting Mastercard (MA).
Additionally, clients can receive up to 8% in crypto cashback on qualifying purchases. Customers won’t be charged any fees to use an ATM to withdraw money.
“Payments is one of the first and most obvious use cases for crypto, yet adoption has a lot of room to grow,” according to Maximiliano Hinz, general manager of Binance in Latin America, on Thursday. “By using the Binance Card, merchants continue to receive fiat and the users pay in cryptocurrency they choose.”
Binance intends to continue growing in new markets and support more cryptocurrencies in the future.
The decision was made as Mastercard (MA) continued to stake its claim in the nascent cryptocurrency market. In the middle of February, the credit card network added practices centered on Crypto & Digital Currencies and Open Banking to its consultancy service that focuses on payments.
Binance unveiled a cryptocurrency card for Ukrainian migrants before the end of April.
Featured Image: Megapixl © Murmakova
