Binance launches Crypto Prepaid Card in Argentina through partnership with Mastercard

Binance, a major global cryptocurrency exchange, announced on Thursday the launch of a crypto prepaid card in Argentina through a partnership with Mastercard to bridge the gap between cryptocurrencies and everyday purchases.

Argentina is the first country in Latin America to experience the use of this product. The launch of the Binance card is part of the exchange’s ongoing efforts to develop global adoption of cryptocurrency in a tangible way. The product is in the beta phase and will be generally available in the next few weeks.

According to the announcement, all customers in Argentina with a valid ID will be able to access the Binance Card to make purchases and pay bills with cryptocurrencies, including Bitcoin and BNB, at over 90 million Mastercard merchants globally, physical and online.

Cryptocurrencies will be converted to fiat currency in real time upon purchase and customers earn up to 8% in crypto cashback.

Maximiliano Hinz, General Director of Binance in Latin America, spoke about the development: “Payments are one of the first and most obvious use cases for crypto, but adoption has a lot of room to grow. 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 broader crypto use and global adoption, and now it’s available to users from Argentina.”

Binance plans to expand into new markets and offer support for additional cryptocurrencies.

Inflation drives crypto credit card boom

The timing of Binance’s launch of such prepaid crypto cards in Argentina is crucial, making it a competitive place for the crypto card segment.

In Argentina, people seek to access cryptocurrency as they refuse to use devalued or unstable traditional currencies.

Currently, the country relies on crypto credit cards to reduce the impact of the rising inflation rate on the economy.

Last November, crypto exchange Lemon Cash, an Argentinian fintech, was the first firm to launch its new crypto credit cards to allow cryptocurrency payments.

Lemon partnered with Visa to facilitate the issuance of its Bitcoin rewards cards in Argentina after the Latin American country’s annual inflation rate rose by more than 50%.

The release was a great achievement, and Lemon recently promised to roll out over 3 million crypto credit cards before this year ends to help Argentina reduce its rising inflation rate.

As the inflation rate in Argentina appears to be worsening, other companies have stepped in to help the South American nation.

Other crypto exchange providers such as Ripio and Universal Exchange recently started offering crypto credit cards to help Argentina implement the service similar to Lemon.

Efforts made by these firms seem to help attract more consumers to invest in the blockchain industry in Argentina.

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