Cryptocurrency exchange Binance in partnership with Mastercard (NYSE:MA) have rolled out a crypto-based prepaid card in Argentina to let Binance users in the Latin American country to make payments with cryptos such as bitcoin (BTC-USD) and binance coin (BNB-USD).
The so-called Binance Card, which is in beta phase, will allow new and existing Binance users in Argentina with a valid national identification to make purchases and pay bills with cryptos at physical and online merchants accepting Mastercard (MA).
Furthermore, customers can earn up to 8% in crypto cashback on eligible purchases. And no fees will be imposed when they withdraw cash from an ATM.
“Payments is one of the first and most obvious use cases for crypto, yet adoption has a lot of room to grow,” Maximiliano Hinz, general director of Binance in Latin America said Thursday. “By using the Binance Card, merchants continue to receive fiat and the users pay in cryptocurrency they choose.”
Going forward, Binance is planning to keep expanding in new markets in addition to providing support for more cryptos.
The move comes as Mastercard (MA) further makes its mark in the emerging crypto space. In mid-February, the credit card network expanded its payments-focused consulting service with practices focused on Crypto & Digital Currencies and Open Banking.
Towards the end of April, Binance introduced a crypto card for Ukrainian refugees.