Mastercard and Binance Partnership led to Launch of Prepaid Bitcoin Card in Brazil
In partnership with Mastercard, Binance has introduced a prepaid beta cryptocurrency card in Brazil. The cryptocurrency exchange announced that cryptocurrencies will be accepted on the card for payments.
The Binance card is now available to all users in Brazil with a valid national ID. They can use it to make payments and pay bills with 13 cryptocurrencies which include Bitcoin, Ether, and Binance USD. This was announced in a blog post. At any POS terminal that accepts Mastercard in Brazil, it is now possible to make purchases using a variety of cryptocurrencies through the Binance Card. Additionally, paying bills and shopping online with the Binance Card is possible.
According to Binance, the card will have a 0.9% cost for each transaction involving cryptocurrencies. It will also have up to 8% cashback and fee-free ATM withdrawals. As per the report, the product is now undergoing testing and will be broadly available in the next weeks.
Guilherme Nazar, general manager of Binance Brazil, stated in a news release that “Brazil is an extremely relevant market for Binance and we will continue to invest in new services for local users, as well as contribute to the development of blockchain and the crypto ecosystem in the country,”. According to a statement by Binance, one of the top 10 markets worldwide is Brazil.
In comparison to the global average of 41%, Brazilian consumers claimed to have done at least one cryptocurrency transaction in the previous 12 months, according to a 2022 Mastercard survey quoted by Binance.
Binance introduced its card in Argentina in August in collaboration with Mastercard. In the same month the company launched an equivalent product in the European Economic Area.
According to the news announcement from Marcelo Tangioni, president of Mastercard in Brazil, "Brazilians are keen to use cryptocurrency beyond an investment asset."
CBW - External Analyst