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Binance and Mastercard launch crypto-to-fiat payment card

Binance and Mastercard launch crypto-to-fiat payment card

Binance is to launch a cryptocurrency payment card that enables users to convert their holdings into fiat for transactions at Mastercard terminals worldwide.

Issued by Credencial Payments, the card will allow all new and existing Binance users in Argentina with a valid national ID to make purchases and pay bills with cryptocurrencies, including Bitcoin and BNB, at over 90 million Mastercard merchants worldwide, both in-store and online.

Cryptocurrencies are converted to fiat currency in real-time at the point of purchase.

Cardholders can also earn up to 8% in crypto cashback on eligible purchases and enjoy zero fees on ATM withdrawals.

Binance cardholders will be able to manage their cards through the card dashboard on the Binance App and website. Users will also be able to view their transaction history and access customer support via the card dashboard.

Maximiliano Hinz, general director of Binance in Latin America, comments: “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."

The prepaid card, currently available in beta, will first be introduced in Argentina, before roll out to other markets.

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