Yesterday, August 4th, Binance announced its partnership with MasterCard, to launch a prepaid cryptocurrency card in Argentina.

According for an official statementArgentina has become the first Latin American country to have the Binance prepaid card, which is expected to be widely available in the coming weeks.

Users in Argentina will be able to buy and pay bills and use their cryptocurrency to pay at more than 90 million merchants using Mastercard Payment Services.

This will be the first crypto card backed by a global trading company.

Argentines already have options offered by local cryptocurrency exchanges like Lemon.

Crypto.com also introduced a similar product in Brazil which is a payment card with rewards and other perks according to the level.

Read:Russian President Signs Law Banning Cryptocurrency Payments in Russia

Binance Card users will get up to 8% cashback on their purchases:

One of the main advantages of the new Binance Card is that it offers up to 8% cashback in the form of BNB for select purchases.

Eligible Binance refunds will be credited immediately to the card’s digital wallet.

Additionally, this card does not charge any fees for ATM withdrawals.

Users can withdraw up to 45,000 pesos ($339 at the official exchange rate) per day or a maximum of 180,000 pesos ($1357) per month.

The rewards and cashback feature alone will make the Binance card a strong competitor against traditional banks, which tend to offer very low cashback percentages (or the equivalent in points) and charge high fees for withdrawing money from ATMs.

To apply for the 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.

The new Binance card will encourage the adoption of crypto in Argentina:

MasterCard is betting heavily on the cryptocurrency scene, especially in Latin America given that one of its studies found that half of the region’s population is familiar with cryptocurrencies.

Read:ProShares’ Bitcoin ETF outperforms Grayscale’s GBTC in terms of trading volume…Details here

Maximiliano Haines, General Manager of Binance in Latin America, told that this card will help boost the use of cryptocurrencies in Argentina, allowing merchants to receive fiat money while at the same time allowing users to make the decision to pay with a variety of cryptocurrencies, adding:

Payments are one of the first and most visible use cases for cryptocurrencies, and adoptions have a lot of room for growth.

When using the Binance Card, merchants still receive their traditional currency and users pay in the cryptocurrency of their choice.

We believe that the Binance Card is an important step in encouraging greater use and adoption of cryptocurrencies globally and is now available to users in Argentina.

Walter Pimenta, Executive Vice President of Product and Innovation at Mastercard Latin America and the Caribbean, said that thanks to this partnership, Mastercard will enable millions of users to enter the world of cryptocurrency with the security, reliability and trust that the company provides, and went on to say:

Read:Bitcoin Drops to $18,000, Altcoins Lose $80 Billion

Our work with cryptocurrencies builds on our strong foundation for enabling choice and peace of mind when shopping and paying.

Together with our partners, Mastercard leads the payments industry in enabling entry into this new and exciting world, helping to bring millions of additional users to crypto and other digital assets in a secure and reliable way.

At the moment, the supported cryptocurrencies for payment through Binance Card are:

BNB, BUSD, BTC, ETH, USDT, USDC, ADA, DOT, SOL, MANA, and SXP.

Read also:

Mining 91% of bitcoins…the rest is less than 1.9 million bitcoins

Despite the fluctuation…the big holders of stablecoins are still holding on to their coins