Crypto exchange Binance and financial services company Mastercard have come together to launch prepaid reward cards enabled by Bitcoin and other cryptocurrencies in Argentina.
The card would power cryptocurrency payments for everyday goods and help to bridge the gap with fiat currency as the Latin American country struggles with skyrocketing inflation.
One of the notable features of the card is to convert crypto held by a user into fiat (US dollars or Argentine peso) in real-time at any point of purchase. It would also support ATM withdrawals and cashback rewards, similar to a regular credit card. Currently, the card accepts 14 cryptocurrencies, including BTC, ETH, BUSD, USDT, AVAX, and SOL.
“Payments is one of the first and most obvious use cases for crypto, yet adoption has a lot of room to grow. 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 the general director of Binance in Latin America, Maximiliano Hinz, in a press release.
Integration of the card will be provided on the Binance app and website for users to manage, check transaction history, and avail customer support through a dashboard.
Out of Mastercard’s worldwide merchant network of 90 million, those with a presence in Argentina will accept payments via the card, both in-store and online.
“Our work with digital currencies builds on our strong foundation to enable choice and peace of mind when people shop and pay,”
said the executive VP of Products and Innovation for Matercard in Argentina, Walter Pimenta.
Argentina is one of the leading countries globally in terms of crypto adoption. It will be the only country in Latin America to have the prepaid crypto card, which is expected to be used widely.
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