• Binance and Mastercard have partnered to launch a prepaid crypto-linked card in Brazil as part of Binance’s expansion plans in Latam.
• The Binance card features 8% cashback for eligible purchases and supports on-the-fly conversion of 13 cryptocurrencies to make payments to local merchants.
• Payments made with fiat currency using the prepaid card will be fee-free, however, payments involving crypto-to-fiat conversions will have a 0.9% fee.
Leading cryptocurrency exchange Binance and credit card giant Mastercard recently announced a strategic partnership to launch a prepaid crypto-linked card in Brazil, as part of Binance’s expansion plans in the Latin American market. The Binance card promises 8% cashback for eligible purchases and supports on-the-fly conversion of 13 cryptocurrencies to make payments to local merchants.
The availability of a prepaid crypto-linked card in Brazil has been long-awaited by crypto users in the country, as it will now enable them to make payments in crypto to legacy merchants. The card, backed by Mastercard, will enable registered customers of the exchange from all over Brazil to make crypto payments with 13 supported cryptocurrencies, including on-the-fly conversions to the Brazilian real.
The launch of this product is part of the efforts that the exchange is making to expand its footprint in Latam. Brazil is the second market in which the instrument will be launched, after Argentina, where the card was launched in August last year.
When it comes to payment fees, users will be happy to know that payments made with fiat currency using the prepaid card will be fee-free. However, payments involving crypto-to-fiat conversions will have a 0.9% fee. Also, the card features 8% cashback in crypto that applies to eligible purchases.
Binance has high hopes for the success of its prepaid card in Brazil, as it believes there is a lot of room for crypto to grow in the payments area, especially in a country that is one of the biggest payments hubs on the continent. It will be interesting to see how the product fares in the coming months, as more users start to take advantage of its features.
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