Key takeaways:
- Mastercard and cryptocurrency exchange Binance are working together to introduce a prepaid card in Brazil.
- Users of Binance with legitimate national identity cards will be able to utilise the card to make purchases and pay bills using cryptocurrencies.
Binance, a cryptocurrency exchange, and Mastercard, a payments company, are working together once more to introduce a prepaid Binance card in Brazil.
The Binance Card is currently undergoing beta testing, and it should become broadly accessible in the following few weeks, making Brazil the second Latin American nation to have it after Argentina.
The card is also rumoured to have a number of features. These consist of transaction fees that are cheap, cashback incentives, and security features that safeguard users’ assets.
Users of the Binance prepaid card will be able to quickly convert and use their cryptocurrency holdings just like they would with any other conventional debit card. Multiple cryptocurrencies are anticipated to be supported by the card. Users will have the freedom to select the assets they wish to own and use.
Both new and current Binance customers will be able to use the card at Mastercard’s 90 million merchant locations to make purchases and settle payments using Bitcoin and other cryptocurrencies.
Users will be able to access customer support and view their transaction history through the card dashboard.
Additionally, it offers benefits like up to 8% cashback in cryptocurrency on qualifying purchases and no fees for ATM withdrawals.
The new partnership between Mastercard and Binance demonstrates the integration of cryptocurrency and blockchain in daily lives.
The prepaid card is a part of ongoing attempts to improve the connection between the established financial services and the expanding crypto ecosystem, according to Binance.
Talks about Mastercard’s progressive actions in the blockchain realm have been ongoing. The industry leader in global payments recently announced a Polygon-based accelerator programme to help musicians establish their careers on Web3. This announcement has led to the company extending its connection with blockchain technology.
Similar actions are being taken by Binance to increase both the usefulness of the service and public acceptability of bitcoin investment. Binance has announced the introduction of Apple Pay and Google Pay as payment options.
