Payment giant Mastercard (Mastercard) and Binance (Binance) announced that following Argentina, the two parties will cooperate to launch a prepaid financial card in Brazil, the largest economy in Latin America, as the cryptocurrency giant strives to “expand traditional finance and encryption.” part of the link between currencies”.
The statement pointed out that the upcoming “Binance Card” in Brazil is currently undergoing beta testing and should be widely available in the next few weeks. The exchange added that the prepaid financial card will allow new and existing Binance customers in Brazil to shop and pay bills using cryptocurrencies.
According to a blog post published by Binance , the card will be available to all Brazilian Binance users with a valid national ID and will allow them to spend with 13 cryptocurrencies, including Bitcoin, Ethereum, and BUSD.
The article mentioned that Binance Card will charge a fee of 0.9% for each cryptocurrency transaction, while providing up to 8% cryptocurrency rebates, as well as free ATM withdrawal fees.
Guilherme Nazar, general manager of Binance Brazil, said: “Brazil is a market that has a very close relationship with Binance. We will continue to invest in new services for local users and contribute to the development of Brazil’s blockchain and cryptocurrency ecosystem.”
Brazil is one of Binance’s top 10 global markets, the statement said. According to a study conducted by Mastercard in 2022, 49% of Brazilian consumers said they had made at least one cryptocurrency transaction in the past year.
Back in August last year, Binance had teamed up with Mastercard to launch the Binance Card in Argentina to bridge the gap between cryptocurrencies and everyday purchases.
Globally, adoption in cryptocurrency payments has been growing in recent years. A study by data platform PYMNTS found that 85 percent of surveyed companies with annual revenues of more than $1 billion said they were using cryptocurrency payments to develop customer base.