Prepaid Bitcoin Card Launching In Brazil In Collaboration With Mastercard And Binance

Prepaid Bitcoin Card Launching In Brazil In Collaboration With Mastercard And Binance
Prepaid Bitcoin Card Launching In Brazil In Collaboration With Mastercard And Binance

Key highlights:

  • All Binance users in Brazil will be able to make their purchases with cryptocurrencies through the Binance Card issued by the Dock.
  • Launching a crypto card in Argentina in 2022, Binance continues its expansion in Latin America.
  • Binance Card has incentives to grow the cryptocurrency ecosystem and increase adoption.

The Binance and Mastercard collaboration has announced the launch of a beta crypto card in Brazil, which is among the top crypto adopters. In Brazil, it is now possible to shop with many cryptocurrencies through Binance Card at all Mastercard-compatible POS machines. Binance Card can also be used for online shopping and bill payments.

Cryptocurrencies on the card during shopping will be instantly converted into fiat currency. No transaction fee will be charged by Binance when withdrawing cash from ATMs. The biggest advantage of the card is that it provides a cash refund opportunity of up to 8% when the necessary conditions are met. All users will be able to manage their cards and spending configurations through the Binance website and app. Here anyone will be able to reach online support and see all their past expenses.

Supported Fiat and Cryptocurrencies

When a user makes a purchase from a store with Binance Card, the store receives the money in fiat currency. Binance users can pay with 14 different supported cryptocurrencies:

  • Brazilian Real (BRL)
  • USDT
  • BUSD
  • BTC
  • ETH
  • BNB
  • ADA
  • SOL
  • DOT
  • XRP
  • LINK
  • SHIB

Users can choose the currency they prefer to spend while shopping on the Binance website and app. Users who choose to spend with BRL are subject to zero transaction fees, while a 0.9% conversion fee applies to spending with cryptocurrencies. According to a statement by Binance, the expansion of the card to new markets around the world and support of new cryptocurrencies will continue.

Crypto Adoption Grows: Brazil One of Leading Countries

Binance Card was first launched in Latin America last year in Argentina.

Guilherme Nazar, General Manager of Binance Brazil, said: “Brazil is a highly relevant market for Binance, and we will continue to invest in new services for local users as well as contribute to the development of the blockchain and crypto ecosystem in the country.”

“Payments are one of the first and most obvious use cases for crypto, but there is a lot of room for adoption to grow. We believe Binance Card is an important step forward in fostering wider crypto adoption and global adoption, and the Brazilians’ openness to innovation makes the country a great market for this release.”

“Brazilians are keen to embrace crypto beyond an investment asset,” said Marcelo Tangioni, Mastercard Brazil Country Manager. “Today, we take an exciting step in our crypto journey that supports consumer choice in payments by leveraging the power of both our trusted global network and Binance’s infrastructure.”

The 2022 Mastercard New Payments Index, based on data from a survey of more than 35,000 participants, shows that Brazil is one of the countries most interested in the crypto market worldwide. An average of 41% of consumers around the world did at least one crypto-related activity last year, compared to 49% in Brazil.

In 2022, former President Jair Bolsanaro signed and passed the bill that gives cryptocurrency payments legal status in the country. While it’s unclear when the prepaid card will become widely available, the country’s local crypto community is happy with the news. Brazil is among the countries that are most interested in the crypto world, especially due to the high inflation that has been troubling its citizens for about 3 years.