A payment card backed by crypto-currencies at merchants in Argentina

Mastercard is partnering with Binance to offer a prepaid payment card in Argentina that translates between crypto-currencies and everyday purchases. The card is in beta and will be more widely available in the coming weeks. Binance is a global blockchain and crypto-currency infrastructure provider. Argentina is the first Latin American country to test the card.

Paying with crypto currencies including Bitcoin and BNB

The Binance card issued by Credencial Payments will allow users in Argentina with a valid national ID to make purchases and pay bills with crypto-currencies, including Bitcoin and BNB (Binance Coin), at 90 million Mastercard merchants, in-store and online.

Users’ crypto-currencies are converted to regular currency in real time at the point of sale, and they will be able to earn up to 8% crypto cashback on eligible purchases and enjoy zero fees on ATM withdrawals.

Providing peace of mind on the Master Card side

“Our work with digital currencies builds on our foundation of enabling choice and peace of mind when people buy and pay,” comments Walter Pimenta, executive vice president, product and innovation, at Mastercard Latin America and Caribbean.

“By using the Binance card, merchants continue to receive money and users pay in the crypto-currency of their choice,” says Maximiliano Hinz, general manager of Binance in Latin America. “The Binance card is an important step in encouraging wider crypto use and global adoption and is now available to Argentine users,” he continues. Binance plans to expand into new countries and provide support for additional crypto-currencies.

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