Purchase-headquartered Mastercard has teamed with the cryptocurrency exchange Binance on the creation of the new Binance Card for the Brazilian market.
The prepaid card will enable new and existing Binance users in Brazil with the opportunity to make purchases and pay bills across 14 supported cryptocurrencies. Users can receive up to 8% cashback in crypto on eligible purchases and zero fees on ATM withdrawals.
Brazil is among the top 10 markets for Binance globally and is the second Latin American country to have the product, following its release last year in Argentina. The 2022 Mastercard New Payments Index determined that 49% of Brazilian consumers have done at least one crypto-related activity in the past year, compared with the global average of 41%.
“Brazilians are eager to embrace crypto beyond an investment asset. Today is an exciting step in our crypto journey, which draws on the strengths of both our trusted global network and Binance”™s infrastructure to support consumer choice in payments,” said Marcelo Tangioni, Mastercard country manager for Brazil.
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