Brazil Goes Ahead With Prepaid Card as Binance Partners Mastercard On Cryptocurrency
In collaboration with Mastercard, Binance has introduced a prepaid cryptocurrency card in Brazil, the cryptocurrency exchange announced on Monday.
According to a blog post, the card would be accessible to all Brazilian Binance users with a legitimate national ID and let them to make payments and settle invoices with 13 cryptocurrencies, including bitcoin, ether, and Binance USD.
According to Binance, the card will have a 0.9% cost for each transaction involving cryptocurrencies, as well as up to 8% cashback and fee-free ATM withdrawals.
A spokesman for Binance told CoinDesk that the product is now undergoing testing and “will be widely available in the coming weeks.”
The product is now in a testing phase and “will be widely available in the coming weeks,” a Binance spokesperson told CoinDesk.
“Brazil is an extremely relevant market for Binance and we will continue to invest in new services for local users, as well as contribute to the development of blockchain and the crypto ecosystem in the country,” Guilherme Nazar, general manager of Binance Brazil, said in a press release.
Brazil is one of Binance’s top 10 markets globally, according to its post.
Binance cited a Mastercard study conducted in 2022 showing that 49% of Brazilian consumers claimed to have made at least one transaction using crypto in the past 12 months, compared to a global average of 41%.
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Binance launched its card in Brazil after making a similar announcement in Argentina in August, also in partnership with Mastercard.
The company rolled out a similar offering in the European Economic Area in August 2020.
“Brazilians are eager to use cryptocurrency beyond an investment asset,” Marcelo Tangioni, president of Mastercard in Brazil, said in the press release.
This article was translated by Andrés Engler and edited by CoinDesk. The original Portuguese article can be found here.
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