Binance and Mastercard launch debit card in Argentina

Cardholders will be able to replenish their account using cryptocurrencie

06.08.2022 - 11:00

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What’s new? Cryptocurrency exchange Binance jointly with the Mastercard payment system has launched plastic debit cards for Argentine citizens. Binance Card holders will be able to replenish their accounts in cryptocurrency, including bitcoins and the exchange’s native tokens Binance Coin (BNB), which are automatically converted into fiat. The project is currently in the beta phase, but according to representatives of the exchange, in the near future will be available to a wide audience.

Press release by Binance

More details about the new project. Cardholders will get 8% cashback in cryptocurrency on some purchases. There will also be no fee on ATM withdrawals. It is noted that cardholders will be able to make purchases at more than 90 million offline and online stores worldwide.

Users will be able to manage their finances through the Binance app or website. Viewing detailed transaction history and contacting tech support are also available there.

“Payments is one of the first and most obvious use cases for crypto, yet adoption has a lot of room to grow. By using the Binance Card, merchants continue to receive fiat and the users pay in cryptocurrency they choose,” said Maximiliano Hinz, general director of Binance in Latin America.

Despite the launch of this cryptocurrency project, Mastercard Chief Financial Officer Sachin Mehra previously said that digital assets are too volatile to be classified as a payment instrument. He noted that central bank digital currencies (CBDCs) and stablecoins are more suitable as a medium of exchange. However, Mehra also stressed that cryptocurrencies have a great future and would help the world in the transition from cash to electronic payment methods.

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