In partnership with Mastercard, crypto giant Binance is launching its pre-paid card offering cryptocurrency “rewards” on customers’ purchases.

As a result of the cooperation, Binance will launch its cryptocurrency debit card in Argentina, making that nation the first in Latin America to do so. The Credencial Payments-issued Binance Card enables customers in the area with a legitimate national identity document to make purchases and settle debts using cryptocurrencies.

The new service gives customers an easy method to buy bitcoins without having to pay fees or go through the occasionally challenging exchange onboarding procedures. The card also comes with no annual charge and no foreign transaction fees, as well as access to exclusive deals with particular retailers.

The Binance debit card functions exactly like any other bank card, with the exception that it is connected to a crypto wallet rather than a mobile banking app.

Through the Binance Card App, Binance customers may add money to their cards and instantly convert their cryptocurrency holdings to fiat that can be used at more than 90 million Mastercard retailers globally. As a result, there is no direct connection between the card and the platform’s user account.

Holders of a Binance card can receive up to 8% in cryptocurrency cashback on qualifying purchases and are not charged any fees for ATM withdrawals. When funding the card balance, customers can choose in advance which digital wallet they want to debit. Currently, the latter can only store two digital currencies: Bitcoin and BNB, the native token of Binance.

The Binance Card quickly converts cryptocurrency into other fiat currencies when a cardholder makes a payment and automatically subtracts any fees and commissions—which have not yet been disclosed—from the total.

“We can unlock the full potential of blockchain technology when we make it easier to access + easier to use. One way we do that is by bringing crypto to everyday purchases. To make that a reality, we’re working with Binance to let people to use their crypto to make purchases at 90m+ stores that accept Mastercard,”

                                                                                      Michael Miebach, CEO, Mastercard.

Specially created crypto cards are more common and very well-liked because they enable users to withdraw their digital assets and use them at millions of credit card-accepting businesses worldwide. The inability to utilize cryptocurrencies in daily life with the same ease as conventional currency is one of the biggest limitations of cryptocurrencies, however, these cards address this issue.

Latin America is the fifth-most bitcoin-adopting region in the world, and it consistently accounts for 8% to 10% of all cryptocurrency activity. Over the past two years, the use of cryptocurrencies in the area has multiplied by ten. Leading the pack in Chainalysis’ 2021 Global Crypto Adoption Index are Venezuela and Argentina, which are ranked seventh and tenth, respectively.