Binance and Mastercard have partnered to introduce a new prepaid crypto card in Brazil. The Binance Card enables Binance users in Brazil to pay bills and make payments using 13 cryptocurrencies, including bitcoin, ether, and Binance USD. Binance will charge a 0.9% fee for crypto transactions but the card offers up to 8% cashback in crypto and no ATM withdrawal fees.
The Binance Card is currently undergoing beta testing and will soon be widely available. Brazil is one of Binance’s top 10 markets globally and the second Latin American country to receive the Binance Card after Argentina.
A Mastercard study from 2022 found that 49% of Brazilian consumers reported making at least one crypto transaction in the past 12 months, surpassing the global average of 41%. This indicates a strong demand for cryptocurrency usage beyond investment in Brazil.
According to Guilherme Nazar, General Manager of Binance Brazil, Binance is committed to investing in new services for local users in Brazil and contributing to the growth of the blockchain and crypto ecosystem in the country.
This launch in Brazil follows Binance’s similar partnerships with Mastercard in Argentina in August 2022 and in the European Economic Area in August 2020.
Marcelo Tangioni, President of Mastercard in Brazil, states that “Brazilians are eager to use cryptocurrency beyond an investment asset”. The launch of the Binance Card in Brazil marks a significant step in bridging the gap between traditional finance and the crypto world.
