Binance, the world’s largest cryptocurrency exchange by trading volume, has launched its first prepaid cryptocurrency Mastercard in South America. Brazilians will be able to use the Binance Card for crypto transactions to pay for everyday goods and services, and even their household bills.
The card will integrate more than a dozen fiat and cryptocurrencies, including the Brazilian real, Bitcoin, and Bitcoin’s native token, BNB. It can be used as a payment method with 90 million Mastercard merchants worldwide.
“Brazil is an extremely relevant market for Binance and we will continue to invest in new services for local users, in addition to contributing to the development of the blockchain and crypto ecosystem in the country,” said Guilherme Nazar, Binance General Manager for Brazil. .
Although a 0.9% conversion fee will apply to all cryptocurrency payments, users will have access to free ATM withdrawals and an 8% cryptocurrency cash-back option.
At payment points, consumers can see fiat to cryptocurrency conversion without delays or pauses, a major sticking point for crypto payments on the blockchain.
“Brazilians are eager to embrace cryptocurrencies beyond an investment asset,” said Mastercard’s country manager for Brazil, Marcelo Tangioni.[This] builds on the strengths of our trusted global network and Binance infrastructure to support consumer choice in payments.”
Brazil registered more than $4 billion in crypto transactions in 2021, and last year, former President Jair Bolsonaro gave the green light to legislation to regularize crypto payments in the South American country, without going so far as to make cryptocurrencies legal tender.
