Mastercard and Binance Announce Crypto Rewards Card for Argentina

Payment card giant Mastercard and Binance, the world’s largest cryptocurrency exchange, have launched a prepaid cryptocurrency rewards card in Argentina.

The card is currently in the beta phase and will be available in the coming weeks. Users can make purchases and pay bills using the card with their national ID in crypto, including Bitcoin and Binance Coin, both online and in-store at “more than 90 million Mastercard merchants worldwide.” It also offers cash back and has no ATM withdrawal fees.

“Payments are one of the first and most obvious use cases for cryptocurrencies, but adoption has a lot of room to grow,” said Maximiliano Hinz, managing director of Binance in Latin America.

Argentina, along with the rest of Latin America, is an up-and-coming crypto market, with 74% of the population favoring businesses that accept crypto over businesses that offer traditional payment options, according to a Ripple report.

Another Mastercard report reveals that 51% of Latin Americans have already used cryptocurrencies as a form of payment.

This is not the first crypto movement made by the card company in Argentina. Last year, it partnered with Buenbit, a cryptocurrency exchange from Argentina and Peru, to produce a prepaid card.

Mastercard previously worked with Gemini on a rewards card

The company has also collaborated with a cryptocurrency exchange Gemini to produce a credit card with crypto rewards. “As consumers spend at various acceptance locations, they now have the opportunity to earn rewards in the form of cryptocurrencies,” a spokesperson said.

The development of crypto cards comes as interest in the product increases. According to research from CouponFollow, consumers are more than willing to ditch traditional cards for crypto ones.

“We found that Bitcoin (BTC), Ethereum (ETH), and Litecoin (LTC) are the preferred reward cryptocurrencies among respondents in our study. This is understandable as these are some of the most valuable,” said CouponFollow.

The research also showed that consumers are interested in receiving different crypto rewards for using crypto credit cards, including cash back and non-fungible tokens (NFTs).

“We found that 95% of crypto credit card holders in our study are interested in receiving NFTs as crypto credit card rewards. Most major crypto rewards credit cards provide digital cash back when you dine out, shop, or buy those concert tickets you’ve been eyeing,” the survey says.

Mastercard rival Visa has also been active in the crypto card game. In October, he invested in Deserve, a credit card services company, following its successful partnership with BlockFi Credit Card.

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