Binance and MasterCard two of the largest players in the world’s financial sectors have partnered to launch a prepaid card in Argentina. 

In a Thursday announcement (4 August 2022), Binance mentioned that it would be expanding its Prepaid card to the South American country. Although the card is still in beta, Binance assured its Argentina users that it’d be accessible soon. 

Binance and MasterCard Partnership Part of Binance’s global expansion vision

The card launch is part of Binance’s vision for global expansion, as the card will now allow users to use crypto for payments to over 90 million MasterCard merchants globally. Residents of Argentina will be first in line in the region to access the cards. This follows similar initiatives by Binance for Binance users in Ukraine in April and the European Economic Area in 2020. 

“Payments is one of the first and most obvious use cases for crypto, yet adoption has a lot of room to grow. By using the Binance Card, merchants continue to receive fiat, and the users pay in cryptocurrency they choose,” said Maximiliano Hinz, general director of Binance in Latin America.

“Our work with digital currencies builds on our strong foundation to enable choice and peace of mind when people shop and pay. Together with our partners, Mastercard has been leading the payments industry in enabling entry to this exciting new world,” Walter Pimenta, Executive VP of Mastercard Latin America, commented on the partnership.

Binance card holders can access the features via the app.

Using the card, users can convert crypto assets to fiat currency in real-time at the point of purchase. Moreover, ATM withdrawals will be free of charge, and cardholders will earn 8% crypto cashback on eligible purchases. The Binance card will only be available to Argentinian users with the necessary valid ID or documento nacional de identidad. 

Holders of the card will also be able to access the card’s features and manage it through the Binance dashboard available on both the Binance app and website. The dashboard will also help users keep track of payment history and receive customer support more efficiently.

In recent years, Argentina has emerged as a hub for different crypto cards. Over the past few months, the country has witnessed almost three crypto exchanges providing crypto card services. In 2021, Lemon Card partnered with Visa to launch a card offering 2% cashback in BTC, while Buenbit and Belo partnered with MasterCard to launch prepaid cards and crypto reward cards.

Despite the 2022 crypto bear market and the current state of the economy in Argentina, reports show that Argentines are still turning to crypto. According to an April Americas Market Intelligence survey, “crypto penetration” in Argentina had reached 12%, about double that of Peru and Mexico.