The new Binance credit card in Argentina will grant customers an 8% cashback in cryptocurrencies, a measure that should encourage consumption with the payment method. Announced in recent days, the novelty was presented again last Thursday (4).
When the Binance CEO introduced the card in Argentina in late July 2022, he indicated that the launch would take place in the South American country, with possible expansion to other regions coming soon.
Argentina is one of the countries that is going through a difficult moment in the economywith high inflation and measures implemented by the government that do not seem to give good results.
In this way, cryptocurrencies fall into popular taste, with part of the population seeking refuge from the local national currency, one of the worst in the world in recent years.
Binance announces card in Argentina with 8% cashback in cryptocurrencies
When Binance announced the arrival of its card in Argentina, few details were revealed to the public about how it would work.
Last Thursday, however, a press release presented all the information so that customers know what the arrival in the first Latin American country will be like.
The Binance card was produced in partnership with Mastercard, showing that this global payment company is keeping an eye on the cryptocurrency market.
For Maximiliano Hinz, general director of Binance in Latin America, this will be a way to popularize the adoption of cryptocurrencies in the neighboring country.
“Payments are one of the first and most obvious use cases for cryptocurrencies, but adoption still has a lot of room to grow. By using the Binance Card, merchants continue to receive fiat and users pay in the cryptocurrency of their choice. We believe that the Binance Card is an important step in fostering broader use of cryptocurrencies and global adoption and is now available to users in Argentina.”
One of the details of the Binance card in Argentina is the 8% cashback in cryptocurrencies for qualifying purchases, in addition to the possibility of free withdrawals at some ATMs.
Mastercard intensifies dispute with Visa in Latin America by closing with Binance
In the release made known to the public, Walter Pimenta, Executive Vice President of Products and Innovation of Mastercard Latin America and the Caribbean, highlighted that the company wants to lead the innovation of payments with cryptocurrencies, and the alliance with Binance in Argentina is totally strategic.
“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 is leading the payments industry in enabling entry into this exciting new world, helping to attract millions of additional users to cryptocurrencies and other digital assets in a safe and reliable way.”
Still in beta, the card will be issued by Credencial Pagos and will allow payments with Bitcoin, BNB and other cryptocurrencies, with the support of Mastercard in Argentina.
This solution, however, sharpens the dispute between Mastercard and its main competitor in the cryptocurrency market, as some platforms that launched their card in the region gave way to Visa, such as the exchange.