Binance Partners With Mastercard to Launch Prepaid Card in Brazil

Leading cryptocurrency exchange Binance has entered into a partnership with global payment giant Mastercard to deliver crypto prepaid card service to Brazilians.

Once these prepaid cards are rolled out, Brazilians with valid national identification cards will be permitted to buy merchandise and pay bills using cryptocurrency as a payment option.

The Binance prepaid cards aim to present a level of convenience and accessibility to crypto enthusiasts in the country. Ultimately, Binance is trying to bridge the gap between the traditional financial system and the nascent crypto industry. For now, the card which is issued by Dock, a fintech company in the business of issuing cards is in the beta testing phase and will finally be rolled out in the coming weeks, according to Binance.

“The prepaid card is part of the ongoing efforts toward evolving the bridge between existing financial services and the growing crypto ecosystem,” Binance announced. Markedly, this card is designed to support several cryptocurrencies, therefore, giving holders the freedom to choose which digital asset they wish to hold and spend.

Certain features like cashback rewards, low transaction fees, and security measures designed for customer protection have been added to the card. Guilherme Nazar, general manager at Binance for Brazil said “Brazil is an extremely relevant market for Binance, and we will continue to invest in new services for local users, as well as contributing to the development of the blockchain and crypto ecosystem in the country.”

Crypto Prepaid Card in Argentina

Interestingly, this is the second time Binance and Mastercard are inking such collaboration in the Latin American region.

In August last year, Binance tapped the multinational financial services giant to introduce prepaid crypto cards in Argentina. This made Argentina the first Latin American country to the Binance prepaid cards. Owing to Mastercard’s global presence, the card could be used with about 90 million merchants.

Similarly, Middle East North Africa (MENA)-based crypto exchange BitOasis collaborated with Mastercard in Q3 2022 to roll out payment cards that are related to cryptocurrencies to customers in the UAE region. Users of the BitOasis platform will be given access to both a virtual card and a physical card, giving them the option of either performing onsite or online transactions.

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