Binance and Mastercard have launched a prepaid rewards card in Brazil that will allow customers to make everyday purchases with crypto.
The action is a part of Binance’s overall strategy to develop the cryptocurrency market and broaden the use of digital assets. Binance and Mastercard intend to introduce a prepaid card in Brazil.
Brazil is one of the largest economies in Latin America and serves as a great hub to kickstart the project. The Binance Card is now under beta testing and is expected to launch in the coming weeks, according to information found while scanning the internet.
Argentina will receive the card first, followed by Brazil. In August 2022, Binance lastly introduced the prepaid card in Argentina. Users must comply with all KYC requirements, including providing legitimate Identity Cards, in order to be eligible to acquire a Binance prepaid card.
The prepaid card may be used to make crypto payments in more than 90 million physical and online retailers, thus it can be used both for online and in-person transactions.
The card will support 13 cryptocurrencies, including Binance’s stablecoin BUSD, ethereum (ETH), and bitcoin (BTC).The card will impose a fee of 0.9% and 8% payback with cryptocurrency for each transaction.
Unlike standard debit and credit cards offered by financial institutions in the banking industry, all ATM withdrawals will be free of charge.
Brazil steps toward crypto adoption
Guilherme Nazar, general manager of Binance Brazil, stated in a news release that the country has always been a crucial financial hub for Binance in terms of serving local cryptocurrency customers.
Brazilian citizens have always contributed to the blockchain projects of the exchange, according to Guilherme Nazar. According to a study by Mastercard, 49% of the more than 200 million people surveyed have successfully completed a cryptocurrency transaction in the previous year.
When compared to the global percentage of 41%, the number is comparatively higher. Since the Latin American nation approved cryptocurrency as a form of payment, the project is likewise expected to go off without a hitch.
