Mastercard Launches Bitcoin Card in Argentina

Binance has partnered with Mastercard to launch a prepaid card in Argentina in an effort to help people spend crypto on a daily basis.

Mastercard Launches Bitcoin Card in Argentina

Accordingly, this prepaid card will make it easy to convert crypto into fiat currency in real time. Cardholders in Argentina can get up to 8% cashback in crypto at select merchants.

Binance Latin America General Manager Maximiliano Hinz said in a statement:

"Payments is one of the first and most obvious use cases for cryptocurrency, but adoption has a lot of points to mine. With Binance Card, merchants can still get fiat money and users can still pay with cryptocurrencies. We believe this is an important step forward in encouraging wider global use of cryptocurrencies."

Argentina is the first Latin American country to have access to Binance Card. The card is currently in beta and will be rolled out to a wider audience in the coming weeks, according to the statement. Bitcoin and Binance Coin (BNB) are two of the cryptocurrencies the card will support, and current users will not be charged for ATM withdrawals.

The card, issued by Credencial Payments, allows 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, at over 90 million Mastercard merchants worldwide, both in-store and online.

Binance seems to be planning to further expand its card product. Binance CEO Changpeng Zhao teased the launch of the Argentina card on July 24 and revealed that the card will be available in other regions soon as well.

Argentina is one of the countries with the highest inflation rate in the world. It is this issue that has brought people to cryptocurrencies and crypto has been playing an important role here.

Along with Mastercard, Visa is also focusing on boosting its presence in Latin America. Visa has established partnerships with Crypto.com, Alterbank, Zro Bank, Agrotoken, and Satoshi Tango. This giant is also shaking hands with Tribal Credit to expand card services for small and medium businesses here.

Previously, Binance launched a card product for European residents in 2020. The card is issued by Visa and offers easy conversion between cryptocurrencies and euros. But the product works like a debit card, not a prepaid card.