Mastercard, a prominent multinational financial services corporation, and Binance, the world’s leading blockchain ecosystem, and digital assets exchange have launched a crypto prepaid card in Argentina to facilitate everyday tangible purchases using cryptocurrencies like Shiba Inu (SHIB), Cardano (ADA), and Ripple’s XRP.
In a Tuesday Twitter post, Michael Miebach, Mastercard CEO updated that the Binance Card pilot is set to begin in Argentina. Although the product is still in its beta stage, it is worth noting the Argentines are the first to use the Binance card in Latin America.
Binance Card pilot starting in Argentina. Details here: https://t.co/UbAONYcJ3j
— Michael Miebach (he/him/his) (@MiebachMichael) August 23, 2022
This strategic development comes as Binance aims to foster crypto adoption through the enabling of its usage for both online and offline purchases. “Payments is one of the first and most obvious use cases for crypto, yet adoption has a lot of room to grow,” said Maximiliano Hinz, general director of Binance in Latin America.
As reported by TimesTabloid, Binance card expanded its services to incorporate the second-largest decentralized meme token Shiba Inu (SHIB) alongside Ripple’s digital token, XRP, and Avalanche (AVAX).
Related: Binance Card Now Supports Shiba Inu (SHIB). Here’s Why This Is Important
In total, the Binance card supports 14 cryptos including; Cardano (ADA), AVAX, BNB, BTC, BUSD, DOT, ETH, LAZIO, PORTO, SANTOS, SHIB, SXP, USDT, and XRP. Binance plans to expand and support more digital assets on the card.
Therefore, all new and existing Binance users in Argentina, holding Shiba Inu (SHIB), ADA, XRP, and any of the above-mentioned digital assets can now use their tokens to buy goods both in-store and online, at over 90 million Mastercard merchants worldwide.
The Binance and Mastercard powered prepaid Card is issued solely by Credential Payments. For users to be eligible to use the card in making purchases and paying bills with cryptos, a valid national ID is a prerequisite.
Read Also: Over 500 Million XRP Shifted Within 48 Hours Amid Market Downturn
As revealed in the announcement, “users can enjoy a seamless transaction in which their cryptocurrencies are converted to fiat currency in real-time at the point of purchase, as well as earn up to 8% in crypto cashback on eligible purchases and enjoy zero fees on ATM withdrawals.”
In the words of Walter Pimenta, Executive Vice President, Products and Innovation, Mastercard Latin America and the Caribbean;
“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 has been leading the payments industry in enabling entry to this exciting new world, helping bring millions of additional users into crypto and other digital assets in a safe and trusted manner.”
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