Mastercard has launched the “Binance Card” in Brazil in collaboration with Binance, the world's largest blockchain and cryptocurrency infrastructure provider. Brazil is now one of Binance's top ten worldwide markets, and the nation is the second in Latin America to get the product, after Argentina's launch last year. The prepaid card is part of continuous attempts to bridge the gap between traditional banking services and the rapidly rising crypto sector. The card is now undergoing testing and will be widely distributed in the next weeks.
Dock's Binance Card will enable all new and current Binance customers in Brazil with a valid national ID to make purchases and pay bills using cryptocurrencies like Bitcoin and BNB at over 90 million Mastercard merchants globally, both in-store and online. Users may experience a frictionless transaction in which their cryptocurrencies are instantly converted to fiat cash at the moment of purchase. One of the benefits is up to 8% cashback in cryptocurrency on certain transactions, as well as no fees* on ATM withdrawals.
Binance cardholders will be able to manage their cards through the Binance App and the website's card dashboard. The card dashboard will also allow users to examine their transaction history and contact customer service. Using the Binance Card, retailers continue to receive fiat while consumers pay in any cryptocurrency from the 14 supported currencies.
“Brazil is a very significant market for Binance and we will continue to invest in new services for local consumers, as well as contribute to the growth of the blockchain and crypto ecosystem in the nation.”
Payments are one of the earliest and most apparent use cases for cryptocurrency, but adoption still has a long way to go. “We feel the Binance Card is a key step toward fostering greater crypto usage and worldwide acceptance, and the openness of Brazilians to innovation makes the nation an excellent market for this release,” said Guilherme Nazar, Binance's General Manager for Brazil.
According to the 2022 Mastercard New Payments Index, a worldwide poll of more than 35,000 people, Brazil is one of the top markets in the world for crypto interest: In the previous year, 49% of Brazilian consumers engaged in at least one crypto-related activity, compared to 41% globally.
Binance Card users in Brazil will be able to pay with a variety of currencies, including the Brazilian Real, BNB, BUSD, USDT, BTC, ETH, Santos fan token, ADA, DOT, SOL, SHIB, XRP, MATIC, and LINK. Users may choose the currencies they want to utilize in the app or platform. Payments in BRL have no fees*, however payments in the cryptocurrency have a 0.9% conversion cost.
Binance intends to continue expanding the card into other areas throughout the globe, in addition to supporting more cryptocurrencies.
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