Binance And Mastercard Partner To Launch Crypto Card In Brazil• January 30, 2023 10:10 pm • Comments
It has recently been revealed that Binance and Mastercard have partnered up in order to launch a new prepaid crypto card in Brazil.
This will allow all citizens within Brazil to essentially make payments with a variety of cryptocurrencies as long as the merchant accepts Mastercard.
This is a huge step towards the mainstream adoption of crypto has convenience and widespread acceptance has always been a major obstacle to crypto becoming a mainstream form of payment.
With this new card, it will be extremely for users to load their card with crypto and very easy to spend it as it is just like using a credit card.
Mastercard is accepted by almost all merchants within the country and Binance is also sweetening the deal by revealing that it will be offering up to 8% cashback with crypto.
From this launch, all new and existing #Binance users in Brazil with a valid national ID can make purchases and pay bills with crypto!
Brazil is now the second country in Latin America to have the product, following our launch in Argentina last year https://t.co/iiuN1RpfoQ
— Binance (@binance) January 30, 2023
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%.
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.
There have been quite a number of crypto prepaid cards that have been launching throughout the world in recent years.
Investors and speculators believe that the widespread creation of such cards will be one of the major reasons that the industry will continue to grow as it will allow crypto to be spent just as easily as fiat currencies.
It also changes the perception of digital assets as many retail investors mainly see crypto as an alternative investment asset that should be held onto.
With this new introduction, more people are able to realize that it is truly an alternative payment option that can be used if there are ever any concerns with fiat in the future.
This will be extremely valuable for many third-world countries that have limited access to the traditional financial systems.
Binance × Mastercard × Brazil 💳🇧🇷 pic.twitter.com/touO0nzMiJ
— FlippaFrank (@LLFlippa) January 31, 2023
Brazil is one of the company’s top 10 markets, according to Binance, and the card will allow new and existing users in the country to pay bills and shop with cryptocurrencies at Mastercard merchants.
The launch of the prepaid card is part of Binance’s effort to “broaden the connection between traditional finance and crypto.” The card has already been launched in Argentina and is being rolled out in Brazil next.
Brazil is one of the largest potential markets in the world, simply by the numbers alone. According to estimates, over 10 million of the country’s population of approximately 214 million utilize cryptocurrency.
Brazil has also experienced high inflation rates since the start of the pandemic similar to the United States, leaving citizens with an appetite for sound money.
When @binance's new rewards card becomes widely available in the next few weeks, it will make Brazil the second Latin American country where it is available, following Argentina’s rollout last year. https://t.co/nlse3Mf2Xx
— Decrypt (@decryptmedia) January 30, 2023
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