In Brazil, the country with the biggest economy in Latin America, Mastercard and Binance have announced the introduction of a prepaid card backed by bitcoin and other cryptocurrencies.
The Binance Card is reportedly undergoing beta testing. According to a blog post published by the firm, it is anticipated that the card will be made freely accessible in the nation over the next several weeks. At this time, the Binance Card is already accessible in a great number of nations in Europe.
All new and current Binance customers in Brazil with a valid national ID will be able to use the Binance Card that Dock issues to make purchases and pay bills using cryptocurrencies such as Bitcoin and BNB at over 90 million Mastercard merchants globally, whether they are shopping in-person or shopping online.
Users can experience a smooth transaction in which their cryptocurrencies are converted into fiat cash in real time at the time of purchase.
One of the benefits is up to 8% cashback in cryptocurrency on certain transactions and 0% costs on ATM withdrawals, although it is important to note that fees from third-party services and networks may still apply.
Binance says Brazil is an important market
Binance’s General Manager for Brazil, Guilherme Nazar, has said that the nation is a crucial one for the firm, and that the company would keep pouring resources into new services for local customers and supporting the growth of the blockchain and crypto ecosystem there.
Payments is one of the first and most obvious use cases for crypto, yet adoption has a lot of room to grow. We believe the Binance Card is a significant step in encouraging wider crypto use and global adoption, and the openness of Brazilians to innovation makes the country a great market for this release.
Guilherme Nazar
According to Binance, the findings of a worldwide study that included more than 35,000 participants and titled the 2022 Mastercard New Payments Index indicated that Brazil is one of the top markets in terms of interest in cryptocurrencies.
In comparison to the average of 41% throughout the globe, 49% of Brazilian consumers have participated in at least one crypto-related activity over the course of the last year.
According to Mastercard’s research, Brazilians are keen to adopt cryptocurrency beyond its role as an investment asset. This move is an exciting milestone in the firm’s journey into the world of cryptocurrencies, according to the payments provider, which noted that it leverages on the capabilities of both its trusted worldwide network and Binance’s infrastructure to promote customer choice in payment methods.
