Payments are one of cryptocurrency's earliest and most obvious use cases, but adoption still has a long way to go, according to Maximiliano Hinz. "Major cryptocurrency exchange Binance and Mastercard have joined together to introduce a prepaid card for Argentineans. In a statement on Thursday, Binance said the card would let its customers in Argentina use Bitcoin (BTC), Binance Coin (BNB), and other cryptocurrencies to make purchases and ATM withdrawals in local currency anywhere Mastercard is accepted, which amounts to about 90 million shops worldwide and online. Additionally, Argentine cardholders can receive up to 8% in cryptocurrency rewards from specific purchases.
The launch of the card, which would be "widely available in the coming weeks," was a part of Binance's efforts to promote the use of cryptocurrencies worldwide, the company said. The cards will first be available to residents of Argentina, although the cryptocurrency exchange previously announced similar initiatives for users of Binance in Ukraine in April and the European Economic Area in 2020. Payments are one of cryptocurrency's earliest and most obvious use cases, but adoption still has a long way to go, according to Maximiliano Hinz, general manager of Binance in Latin America. By using the Binance Card, customers may pay with the cryptocurrency of their choice and retailers can continue to accept money. Argentines must possess a current documento nacional de identidad in order to use the card. Similar specifications currently apply to credit cards provided by regional cryptocurrency exchanges. In 2021, Buenbit and Below both teamed with Mastercard to release prepaid cards and crypto rewards cards, respectively. Lemon Card introduced a card with Visa promising 2 percent back in BTC for Argentine consumers. There have been indications that many Argentines may still be using cryptocurrency despite the recent market slump. An April analysis from Americas Market Intelligence revealed that Argentina has a "crypto penetration" of 12%, which is about twice as high as Peru and Mexico.
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