Binance has teamed with Mastercard to launch its Binance Card in Argentina.
According to a statement from Binance, the Binance Card converts cryptos to fiat money "in real-time at the point of purchase."
Additionally, cardholders in Argentina can receive up to 8% in cryptocurrency as cash back on specific purchases.
Maximiliano Hinz, general director of Binance Latin America, stated in a statement that "adoption has a lot of opportunity to expand" despite payments being one of the first and most evident use cases for cryptocurrencies.
"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 and now it is available for users from Argentina.”
According to Binance, Argentina will be the first country in Latin America to use the Binance Card. According to the statement, the card is now in a "beta phase" and will be made available to a larger audience in the upcoming weeks.
Bitcoin and Binance Coin (BNB) are two of the cryptocurrencies that the cards will support, according to Binance.
"The Binance Card issued by Credencial Payments 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," the exchange said in its press statement.
It appears that Binance is preparing to further develop its card offering. In a tweet on July 24, Binance CEO Changpeng Zhao hinted that the Argentina card would soon be available.
The prepaid card from Binance will be one of many in Argentina that has some connection to cryptocurrencies. Lemon Cash's Visa card converts cryptocurrencies to fiat as needed based on purchases, just like the Binance Card does. Other cards emphasize cash back incentives in cryptocurrency.
For instance, Visa has been concentrating on its crypto-focused card relationships in Latin America alongside Mastercard. In addition to Lemon Cash, the business claimed in June that Visa had card agreements in the area with Crypto.com, Alterbank, Zro Bank, Agrotoken, and Satoshi Tango.
Additionally, it added that it has a deal with Tribal Credit to increase the range of cards available to small and medium-sized enterprises in the area.