Binance has partnered with Mastercard to launch a prepaid cryptocurrency card in Brazil, according to the cryptocurrency exchange.
Users in Brazil will be able to use the card via their national IDs to perform payments and pay for bills through 13 different cryptos, including ETH, Binance USD, and BTC. The new card from Binance will have a fee of 0.9 per cent per crypto transaction, according to the crypto exchange. It also added that users can benefit from up to 8 per cent of cashback if they pay with the card. Users can also reportedly use the card for ATM withdrawals without charges.
The crypto card is currently in the testing stage and, according to the cryptocurrency exchange, it will soon be available for Brazilian users. Binance’s general manager for Brazil has declared that Brazil represents a relevant market for the company and it will continue to put money into new products for Brazil-based users, and further develop the crypto and blockchain ecosystem in the South American country.
According to a study by Mastercard and cited by Binance, in 2022, 49 per cent of consumers in Brazil performed at least one crypto transaction per year, as opposed to the global average of 41 per cent.
Binance made a similar card announcement in August 2022, for Argentina, in a similar partnership with Mastercard. In August 2022, a similar service was released by Binance in the EEA (European Economic Area).