As per the official announcement, Argentina has become the first Latin American country to have a Binance prepaid card, which is anticipated to be available in the coming weeks.
Further, users in Argentina will be able to buy and pay bills and use their cryptocurrency to pay at more than 90 million sellers that use Mastercard’s payment services.
This would be the first crypto card supported by a global exchange. Argentinians already have options delivered by local crypto exchanges like Lemon. In fact, Crypto.com introduced a similar product in Brazil i.e. its line of metal cards with cashback and benefits according to a tier list.
Binance card: Users will acquire up to 8% cash back on their buys
One of the most noteworthy benefits of the new Binance is that it supplies up to 8% cashback in BNB for specific purchases. Qualifying refunds from Binance will instantly be credited to the funded wallet.
In fact, the card does not charge any fees for withdrawals via ATMs. Users can withdraw up to 45,000 pesos i.e. $339 at the official exchange rate per day or a maximum of 180,000 pesos which is $1357 per month.
The cashback alone makes Binance’s card a powerful competitor against traditional banks that tend to deliver very low cashback percentages or equal in points and charge high fees for withdrawing money through ATMs.
To apply for the card, users must maintain an active Binance account. This card will permit purchases of up to 90,000 pesos per day and a max of 360,000 pesos per month.
The New Binance Card Will Uplift Crypto Adoption in Argentina
Mastercard is betting big on the crypto space, especially in Latin America considering that one of its studies concluded that half of the region’s population is introduced to crypto.
Maximiliano Hinz, general director of Binance in Latin America, stated that this card would help to promote greater use of cryptocurrencies in Argentina, allowing merchants to acquire fiat money while at the same time allowing users to decide to pay in a variety of cryptocurrencies.
Walter Pimenta, Executive Vice President of Products and Innovation at Mastercard Latin America and the Caribbean, expressed gratitude for this partnership, saying that Mastercard will enable millions of users to join the world of cryptocurrencies with the security and trustworthiness that the company delivers.
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