The global cryptocurrency exchange Binance collaborated with Mastercard to introduce a prepaid cryptocurrency card known as the “Binance card” in Brazil. This card will enable Binance’s customers to more easily make purchases and pay bills using cryptocurrencies at any of the more than 90 million merchants that accept Mastercard around the world, both in-person and online.
According to the announcement, the Binance Card will be accessible to all new and current Binance users in Brazil that have a valid national ID. The card will be provided by Dock. The card is now in the beta launch phase, and in the next weeks, it will be made accessible to a wider audience.
The ability to earn up to 8% cashback in bitcoin on approved purchases is one perk of having a Binance Card. Another perk is that there are no fees charged when withdrawing money from an ATM.
Cardholders will be able to manage their cards using card dashboards available on the Binance app and website. In addition, customers will be able to see their transaction history and get in touch with customer care via the card dashboard.
Customers in Brazil who use the Binance Card have the option of making payments in any of the 14 currencies that are supported by the card. These currencies include the Brazilian Real, BNB, BUSD, USDT, BTC, ETH, SANTOS, ADA, DOT, SOL, SHIB, XRP, MATIC, and LINK.
According to the 2022 Mastercard New Payments Index, 49% of Brazilian consumers participated in at least one activity related to cryptocurrencies in the previous year. This percentage is significantly higher than the global average of 41%, establishing Brazil as one of the leading markets for cryptocurrency interest worldwide.
The Country Manager for Mastercard in Brazil, Marcelo Tangioni, made the following observation: “Brazilians are keen to embrace crypto beyond an investment asset.” This is an exciting step in our journey with crypto, which leverages on the resources of both our trusted worldwide network and Binance’s infrastructure to offer consumer choice in payments. Today represents an important milestone in our path.
Binance’s General Manager for Brazil, Guilherme Nazar, made the following statement: “Brazil is an extremely relevant market for Binance, and we will continue to invest in new services for local users, as well as contributing to the development of the blockchain and cryptocurrency ecosystem in the country.”
The Binance Card is now available to residents of Brazil, making it the second nation in Latin America to do so. In August of 2018, Binance and Mastercard collaborated to create a prepaid card in Argentina, making it the first country in Latin America to have the Binance Card. This enabled customers in Argentina to have a transactional experience that was both streamlined and convenient.
Compiled by Coinbold