Binance and Mastercard launch prepaid card in Argentina

By Edlyn Cardoza

Binance, a blockchain and cryptocurrency infrastructure provider, and Mastercard announced the launch of the Binance Card in Argentina to bridge the gap between cryptocurrencies and everyday purchases. The Binance Card is part of the company’s ongoing efforts toward tangibly furthering global cryptocurrency adoption.

“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”, said Walter Pimenta, Executive Vice President, Products and Innovation, Mastercard Latin America and the Caribbean.

The Binance Card issued by Credencial Payments will allow all new and existing Binance users in Argentina with a valid national ID to make purchases and pay bills with cryptocurrencies, including Bitcoin and BNB. The Binance Card can be used worldwide at over 90 million Mastercard merchants in-store and online. Users can enjoy a seamless transaction in which their cryptocurrencies are converted to fiat currency in real-time at the point of purchase, and they can earn up to 8% in crypto cashback on eligible purchases and enjoy zero fees on ATM withdrawals.

Binance cardholders can manage their cards through the Binance App and website card dashboard. Users can also view their transaction history and access customer support via the card dashboard.

“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.

Recently, IBS Intelligence reported that FinTech Automation had announced that it had been selected as one of the technology partners for open banking within Mastercard’s Engage partner network. The Engage program has developed a network to provide businesses easy access to technology partners that can quickly build and deploy open banking solutions for payments and lending decisioning at scale.