Binance, the world’s number one blockchain and cryptocurrency infrastructure provider, announced that it has partnered with Mastercard. The company announced this partnership a few hours ago.
According to the press release from Binance, the cryptocurrency exchange will work with Mastercard to launch Binance Card in Argentina to bridge the gap between cryptocurrencies and everyday purchases.
Binance added that Argentina is the first country in Latin America to have the product. The Binance Card is part of the cryptocurrency exchange’s ongoing efforts toward furthering global cryptocurrency adoption in a tangible manner. The product is in beta phase and will be widely available in the coming weeks.
Binance said the Binance Argentina Card allows you to convert and spend cryptocurrencies at more than 60 million online and offline merchants worldwide. Spend your crypto anytime, anywhere.
The Binance Card, issued by Credencial Payments, makes it possible for all new and existing Binance users in Argentina with a valid national ID to buy goods and services and pay bills with cryptocurrencies.
Binance users in Argentina can use Bitcoin, BNB, and a host of other cryptocurrencies to pay for goods and services at over 90 million Mastercard merchants worldwide, both in-store and online.
Furthermore, users can enjoy a seamless transaction in which their cryptocurrencies are converted to fiat currency in real-time at the point of purchase, as well as earn up to 8% in crypto cashback on eligible purchases and enjoy zero fees* on ATM withdrawals.
Binance explained how its Argentine users could leverage this card to pay for goods and services and also settle certain bills. The exchange also explained how its users could order for the Mastercard.
Binance cardholders can manage their cards through the card dashboard on the Binance App and website. The exchange users in Argentina can also o view their transaction history and access customer support via the card dashboard.
While commenting on this latest development, Walter Pimenta, Executive Vice President, Products and Innovation, Mastercard Latin America and the Caribbean, said;
"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."
Maximiliano Hinz, general director of Binance in Latin America added that;
"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."
Binance said it plans to continue expanding into new markets while also providing support for additional cryptocurrencies.
Binance’s further entry into South America and more positive Binance reviews ensure that the cryptocurrency exchange further cements its place as the world’s leading digital asset trading platform.