The world’s largest crypto exchange has teamed up with Mastercard, the second-largest global payment processor, to bring a prepaid crypto card to Brazil.
The card will enable Brazillian Binance users to pay bills and make purchases using cryptocurrencies including Bitcoin and BNB.
- Per Binance’s announcement on Monday, the card can be used with over 90 million Mastercard merchants worldwide, as well as online. Though still in its beta-launch phase, it will soon become widely available.
- The card works by converting users’ cryptocurrency into fiat currency at the point of purchase. This lets card users spend in crypto, while the merchant receives their standard fiat payment.
- Purchases with the crypto card include an 8% cash-back benefit on select purchases, alongside zero fees for ATM withdrawals. However, a 0.9% conversion fee will still apply.
- This makes Brazil the second Latin American country to gain access to the card after Argentina last year. Brazil is one of Binance’s top ten global markets.
“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 crypto ecosystem in the country,” said Guilherme Nazar, General Manager at Binance for Brazil.
- Nazar added that payments are one of the “most obvious” use cases for crypto, and that the Binance card may help increase adoption on that front.
- Brazil is one of the world’s most interested countries in cryptocurrency. The 2022 Mastercard New Payments Index found that 49% of Brazillians have done at least one crypto related activity in the past, versus the global average of 41%.
- Similar to Binance, Strike also launched a digital “Visa Card” feature within its app last year, letting consumers pay with Bitcoin at Visa accepting merchants. The company is currently working to bring lightning network payments to major retailers across the United States.