Binance, a cryptocurrency exchange, has partnered with Mastercard to introduce its Binance Card in Argentina, the first nation in Latin America to do so.
The card is a part of Binance’s objective of “furthering worldwide cryptocurrency acceptance in a tangible manner,” according to a news release on Thursday, Aug. 4. The card is currently in beta testing but is anticipated to go mainstream in the upcoming weeks.
The Credential Payments-issued card enables Binance users in Argentina with a legitimate national ID to make purchases and settle payments at Mastercard merchants all over the world using cryptocurrencies like bitcoin and BNB.
Cardholders can examine their transaction history and contact customer care through the card dashboard on the Binance app and website, where they can manage their cards.
“Payments is one of the first and most obvious use cases for crypto, yet adoption has a lot of room to grow,” said Walter Pimenta, executive vice president, products and innovation, Mastercard Latin America and the Caribbean. “By using the Binance Card, merchants continue to receive fiat and the users pay in the 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.”
PYMNTS reported earlier this week that residents of Argentina’s neighbor Chile have begun using stablecoins to guard their assets against the high inflation of recent times and the lessening value of that country’s peso.
