Home News Binance exchange taps Mastercard to launch prepaid crypto cards in Argentina

Binance exchange taps Mastercard to launch prepaid crypto cards in Argentina

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In line with its ambitions to herald global crypto adoption, leading crypto services provider Binance exchange has just announced a new partnership deal with payment services giant MasterCard. The collaboration will help Binance to launch a prepaid card for its Argentine-based customers. However, cardholders must have a valid national identity card or documento nacional de identical to be eligible. 

Binance exchange to gradually roll out prepaid cards

According to the announcement, Argentine-based customers of the exchange will now be able to use their prepaid cards to make ATM withdrawals in fiat at every ATM point around the world where MasterCard is accepted. They’ll also be able to make purchases with their cards. So, seeing as MasterCard currently boasts of about 90 million merchants globally, this is a major development.

Furthermore, the deal will also see holders of the cards earning as much as 8% returns on certain purchases. But the returns will be in crypto.

But while this is Binance’s first payments integration in the Latin America region, it also did something similar in Ukraine. That was back in April.

The exchange also revealed its plans to take the roll-out of the card beyond Argentina. And expectations are that they will be available on a much larger scale in the coming weeks.

Is Argentina going crypto?

An independent report in April found out that “crypto penetration” in Argentina was 12%. That was nearly double the figures in Peru and Mexico at the time. Essentially, Argentina may be showing a significant affinity for crypto. And that’s despite the recent market downturn.

Also, just like Binance, Lemon Card partnered with VISA in 2021 to launch its card for Argentines as well. And Buenbit and Belo have also both partnered with Mastercard in similar manners in the past.

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