Binance credit card will offer 8% crypto cashback

Binance’s new credit card in Argentina will offer customers 8% cashback in cryptocurrencies, a measure that should encourage consumption with the payment method. Announced in recent days, the novelty was again presented last Thursday (4).

When the Binance CEO presented the card in Argentinaat the end of July 2022, he indicated that the launch would take place in the South American country, with a possible expansion to other regions soon.

Argentina is one of the countries going through a difficult economic period, with high inflation and measures implemented by the government that do not seem to be giving good results.

In this way, cryptocurrencies fall into popular taste, with part of the population seeking refuge from the local national currency, one of the worst in the world in recent years.

Binance Announces Argentina Card With 8% Cryptocurrency Cashback

When Binance announced the arrival of its card in Argentina, few details were revealed to the public about how it would work.

Last Thursday, however, a statement presented all the information allowing customers to know what their arrival in the first country in Latin America will look like.

The Binance Card was produced in partnership with MasterCardshowing that this global payment company is keeping tabs on the cryptocurrency market.

For Maximiliano Hinz, general manager of Binance in Latin America, it will be a way to popularize the adoption of cryptocurrencies in the neighboring country of Brazil.

“Payments is one of the earliest and most obvious use cases for cryptocurrencies, but adoption still has a lot of room to grow. When using the Binance Card, merchants continue to receive fiat and users pay in the cryptocurrency of their choice. We believe the Binance Card is an important step in encouraging wider use of cryptocurrencies and global adoption and is now available to users in Argentina.

One of the details of the Binance Card in Argentina is the 8% cashback in cryptocurrency for qualifying purchases, in addition to the possibility of free withdrawals at certain ATMs.

Mastercard escalates dispute with Visa in Latin America by settling with Binance

Nope communicated made public, Walter Pimenta, executive vice president of product and innovation at Mastercard Latin America and the Caribbean, emphasized that the company wants to lead the innovation of payments with cryptocurrencies, and that the partnership with Binance in Argentina is totally strategic.

“Our work with digital currencies builds on our strong foundation of enabling choice and peace of mind when people buy and pay. Together with our partners, Mastercard is leading the payments industry in enabling entry into this exciting new world, helping bring millions more users to cryptocurrencies and other digital assets in a safe and reliable way.

Still in beta, the card will be issued by Credencial Payments and will allow payments with Bitcoin, BNB and other cryptocurrencies, with support from Mastercard in Argentina.

This solution, however, intensifies the dispute between Mastercard and its main competitor in the crypto-currency market, since some platforms that have launched their card in the region have taken the step with Visa, such as the Crypto broker.

Leave a Comment