Blockchain & Crypto

Binance & Mastercard introduce crypto-to-fiat payment card

Binance launches a payment card that enables users to convert their crypto holdings into fiat at Mastercard terminals worldwide

Binance Mastercard

Binance & Mastercard introduce crypto-to-fiat payment card. Source: binance.com

As reported by Finextra, the card issued by Credencial Payments will allow Binance users to make purchases and pay bills with cryptocurrencies at over 90 million Mastercard merchants worldwide, both in-store and online. The service launches in Argentina and would work for customers with a valid national ID. Later, it will roll out to other markets. 

Cryptocurrencies will be converted to fiat in real-time at the moment of purchase. Besides, cardholders can earn up to 8% in crypto cashback on eligible purchases. Furthermore, withdrawing cash at ATMs is fee-free. 

Binance App and website would provide cardholders with a dashboard to manage their cards, view transaction history and access customer support. 

“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. We believe the Binance Card is a significant step in encouraging wider crypto use and global adoption."
Maximiliano Hinz
general director of Binance in Latin America

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Nina Bobro

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https://payspacemagazine.com/

Nina is passionate about financial technologies and environmental issues, reporting on the industry news and the most exciting projects that build their offerings around the intersection of fintech and sustainability.