Binance, a well-known cryptocurrency exchange, has partnered with payment solutions company Mastercard to create a crypto prepaid card for residents of Argentina.
The crypto prepaid card is currently in beta testing and will be available to the public soon.
To access the card, Binance requires that potential Argentine users upload a valid ID card to verify their identity. It is expected that holders of this card will be able to easily make crypto payments with merchants who accept Mastercard globally.
According to reports,
when a payment is made, crypto is instantly converted to fiat currency, meaning merchants receive fiat while the user pays in crypto.
These cards can also be used to withdraw fiat currency from ATMs. Holders of these cards are eligible for crypto cashback.
The Executive VP of Mastercard Latin America, Walter Pimenta, disclosed
“Our work with digital currencies builds on our strong foundation to enable choice and peace of mind when people shop and pay. Together with our partners, Mastercard has been leading the payments industry in enabling entry to this exciting new world.”
The General Director of Binance in Latin America, Maximiliano Hinz, stated that the crypto prepaid card would drive massive cryptocurrency adoption in the country.
“Payments are one of the first and most obvious use cases for crypto, however, adoption has a lot of room to grow. When using the Binance Card, merchants still receive fiat and users pay in the cryptocurrency of their choice. We believe the Binance Card is an important step in encouraging greater use of cryptocurrencies and their global adoption and is now available to users in Argentina.”
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