Mastercard and Binance, two global leaders in the financial and cryptocurrency industries, have joined forces to launch a new prepaid card in Brazil. This collaboration is poised to revolutionize the way people in Brazil, the largest economy in Latin America, use digital currencies for everyday transactions.
The Binance Card, which is currently undergoing beta testing, is expected to be widely available in the country within the next few weeks. It has already been launched in several countries across Europe and has received positive feedback from users.
With the Binance Card, all Binance customers in Brazil with a valid national ID can use cryptocurrencies such as Bitcoin and BNB to make purchases and pay bills at over 90 million Mastercard merchants around the world. This card is issued by Dock, and it allows users to experience seamless transactions, whether they are shopping online or in person.
The integration of cryptocurrencies with a widely accepted payment method such as Mastercard is a major step towards the mainstream adoption of digital currencies. By offering the Binance Card in Brazil, Mastercard, and Binance are making it easier for people to use cryptocurrencies for their daily transactions, without having to go through the hassle of converting their digital assets into fiat currency.
This new product is expected to be well-received by Brazilian consumers, as it offers greater flexibility and security when it comes to spending their digital assets. The Binance Card is poised to bring cryptocurrency adoption to a new level and is expected to pave the way for more innovative products in the future.
The Acceptance and Development
Binance’s General Manager for Brazil, Guilherme Nazar, stated that the country is crucial to the company and they will continue to develop new services and support the growth of blockchain and crypto in the region. He added that while payments are a prime application for cryptocurrency, there is still potential for increased adoption. The Binance Card is seen as a significant step towards wider crypto use and global adoption, with Brazil being a favorable market due to its openness to innovation.
According to the 2022 Mastercard New Payments Index survey of 35,000 participants worldwide, Brazil ranks among the top markets for crypto interest, with 49% of Brazilian consumers participating in at least one crypto-related activity in the past year, compared to the global average of 41%.
Marcelo Tangioni, Mastercard Country Manager for Brazil, commented that Brazilians are ready to adopt cryptocurrency beyond just an investment. The launch of the Binance Card, which combines Mastercard’s trusted global network and Binance’s infrastructure, marks an exciting milestone in the country’s crypto journey and provides consumers with more options for payments
MasterCard increases its cryptocurrency engagement efforts
Recently, MasterCard has heavily invested in cryptocurrencies by partnering with Paxos to launch a financial institution-focused trading program. In June 2022, cardholders could buy NFTs on popular marketplaces. MasterCard’s actions have been monitored by competitor Visa, who previously announced a partnership with FTX exchange. However, the deal was canceled due to the recent FTX ecosystem collapse.
Walter Pimenta, the Executive Vice President of Products and Innovation at Mastercard Latin America and the Caribbean, said at a potential collaboration with Binance on a project
“Our work with digital currencies builds on our solid framework to give customers choice and assurance when they shop and make payments. Mastercard has been leading the payments sector in opening doors to this innovative new market alongside our partners, assisting in the safe and dependable entry of millions of additional users into cryptocurrencies and other digital assets.”
Binance Card holders in Brazil can pay with 14 currencies including BRL, BNB, BUSD, USDT, and more. Users choose their preferred currency in the app or platform. Payments with BRL are free, but there’s a 0.9% conversion fee for crypto payments. Binance plans to expand the card to more markets.
This Innovation and partnership between these two companies is going to enhance the economy of Brazil, and facilitate payment and other online transactions. The world is indeed going digital and the acceptance of cryptocurrencies by nations can only make the world a better place.
Ken Emmanuel is a Blockchain Content writer, a Web3 Enthusiast and a Social Media Management Strategist, he likes writing educative contents to help people gain more knowledge and get inspired. The growth of any organization he work with is always his priority. He is a Geographer by profession and loves reading.