On August 5, Binance announced a partnership with Mastercard, a multinational financial services company known for its credit cards. The collaboration is for the launch of a prepaid cryptocurrency card in Agertina.
Based on an official statement, Argentina has become the first Latin American country to have a Binance prepaid card, which is expected to be "widely available in the coming weeks."
Additionally, users in Argentina can buy and pay bills and use their cryptocurrency to pay for goods and services using Mastercard's payment service.
This will be the first crypto card supported by a global exchange. On the other hand, Argentines already have options provided by local crypto exchanges such as Lemon.
One of the most notable advantages of the new Binance card is that it provides cashback of up to 8% in BNB for certain purchases. Eligible refunds from Binance will be immediately credited to the funded wallet.
In addition, this card does not charge any fees for ATM withdrawals. Users can withdraw up to $339 at the official exchange rate per day or a maximum of $3157 per month.
The cashback alone makes the Binance card a strong competitor to traditional banks that tend to offer very low cashback percentages and charge high fees for withdrawing money from ATMs.
To apply for a card, users must have an active Binance account. This card will allow purchases of up to 90,000 pesos per day and a maximum of 360,000 pesos per month.
Maximiliano Hinz, general director of Binance in Latin America, said that this card will help foster the use of more cryptocurrencies in Argentina, allowing merchants to accept fiat money and at the same time allowing users to decide to pay in various cryptocurrencies.
Mastercard will allow millions of users to enter the world of cryptocurrencies with the security and reliability that the company offers. Currently, the supported cryptocurrencies for payments via Binance Card are BNB, BUSD, BTC, ETH, USDT, USDC, ADA, DOT, SOL, MANA and SXP.
