Crypto exchange Binance announced that it will launch Binance Card for users in Argentina in cooperation with Mastercard. Positioned as a prepaid card, Binance Card is planned to close the distance between crypto money and daily shopping. The product, which is currently in Beta version, will be available to Argentine users in the coming weeks.
It should be noted that Argentina will be the first country in the Latin America region to use Binance Card. In the country, which has experienced serious economic shocks in the past years, cryptocurrencies attract significant attention. According to the Americas Market Intelligence report , crypto penetration in Argentina is 12 percent, which is twice the crypto penetration of Peru and Mexico in Latin America.
In fact, this is not Binance’s first prepaid card. If you remember, Binance has been on the agenda with Binance Card in different regions before. In April, the company introduced the Binance Card to facilitate payment and money transfer to Ukrainian immigrants. In addition, Binance launched the Binance Card for the European Economic Area in 2020 in cooperation with Visa .
How does Binance Card work?
Argentine users must have a valid national ID to receive the Binance Card. Thanks to Binance Card, users can pay their bills and shop with crypto money. Argentines will be able to use Binance Card for physical and digital payments at 90 million businesses with Mastercard agreements.
During shopping, cryptocurrencies will be converted into fiat currencies in real time. In addition, some purchases will receive up to 8 percent crypto cashback. Finally, users will not pay any commissions on ATM withdrawals.
Finally, it should be noted that Argentina is familiar with financial products such as Binance Card. While Lemon Card offered a 2 percent Bitcoin refund with Visa support last year, Buenbit also launched a prepaid card with Mastercard support. It also released a crypto reward card in collaboration with Belo Mastercard .
From all these agreements, we can say that Mastercard cares about the crypto space as much as crypto and fintech companies care about daily use. The most important reason for Mastercard to establish business partnerships one after another in Latin America is the 19 percent penetration of cryptocurrencies among adults in Latin America.