Mastercard and Binance Announce Crypto Rewards Card for Argentina
Card payment giant Mastercard and Binance, the world’s largest crypto exchange, have launched a prepaid crypto rewards card in Argentina.
The card is currently in beta and will be available in the next few weeks. Users can make purchases and pay bills using the card with their national ID in crypto, including Bitcoin and Binance Coin, both online and in-store at “over 90 million Mastercard merchants worldwide.” It also offers cashback and has no ATM withdrawal fees.
“Payments are one of the first and most obvious use cases for crypto, but adoption has a lot of room to grow,” said Maximiliano Hinz, General Manager of Binance Latin America.
Argentina, along with the rest of Latin America, is an emerging crypto market, with 74% of the population favoring businesses that accept crypto over companies that offer traditional payment options, according to a Ripple report.
Another report from Mastercard reveals that 51% of Latin Americans have already used cryptocurrency as a form of payment.
This is not the first crypto move the card company has made in Argentina. Last year, it partnered with Buenbit, an Argentine and Peruvian crypto exchange, to produce a prepaid card.
Mastercard previously worked with Gemini on a rewards card
The company has also partnered with a cryptocurrency exchange Gemini to produce a crypto rewards credit card. “As consumers go around spending at different acceptance points, they now get a chance to earn rewards in the form of crypto,” a spokesperson said.
Developments in crypto cards come as interest in the product increases. According to CouponFollow research, consumers are more than willing to ditch traditional cards for crypto cards.
“We found that Bitcoin (BTC), Ethereum (ETH) and Litecoin (LTC) are the most preferred cryptocurrency reward coins among respondents in our study. This is understandable since these are some of the most valuable,” said CouponFollow.
The research also showed that consumers are interested in receiving various crypto rewards for using crypto credit cards, including cashback and non-fungible tokens (NFT).
“We found that 95% of our study’s crypto credit card holders are interested in receiving NFTs as a crypto credit card reward. Most credit cards with top crypto rewards give digital money back when you eat out, buy groceries, or buy those concert tickets you’ve been eyeing,” said the the survey.
Mastercard’s rival, Visa, has also been active in the crypto card game. In October, it invested in Deserve, a credit card services company, following its successful partnership with BlockFi credit cards.
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