Binance Issues Mastercard-Backed Prepaid Cards for Brazilian Members
On the 30th day of January 2023, an important announcement was made by the world’s leading crypto platform by trade volume i.e. Binance.
Through the announcement on Bittribute.com, Binance inaugurated a prepaid card facility for its customers in Brazil.
It has been claimed in the announcement that cardholders would be able to settle merchants’ invoices through Binance’s prepaid card facility.
The facility has been exclusively launched for Binance’s customers in Brazil. By the time of this writing, prepaid cards have already been issued to eligible Brazilian members of Binance.
For launching this facility, Binance had entered into a contractual relationship with the electronic payment giant, Mastercard.
This means that Binance’s Brazil-based customers can access merchants, retailers, vendors, and services providers which are within the network of Mastercard.
On other hand, Mastercard will enable Binance’s Brazilian customers in settling payment invoices at least in 13 major, widely accepted, digital currencies.
Prepaid Cards Fulfill Binance’s Commitment to Expanding into Latam Countries
Last year in September, Binance global’s VP, Matthew Shroder opined that Binance would facilitate its Brazilian customers with e-payment cards.
On the launch of the prepaid card facility, he commented that Binance has fulfilled its promise with the customers in Brazil.
Binance’s VP also explained that a new card facility for Brazilian customers would be extremely beneficial. He emphasized that there shall be no fee charged for the users settling payments in cash.
However, if a cardholder requires to convert digital currencies into fiat then 0.9% as conversion charges shall be made applicable.
Furthermore, the usage of the card will further benefit the users who will receive 8% cashback in the shape of crypto against their purchases.
Initially, Binance had launched a similar prepaid card facility in the US. The facility in the US was an instant hit and received appreciation from the entire crypto industry.
Subsequently, Binance’s customers in other countries of the world insisted that the service should be launched in their regions as well.
Resultantly, Binance committed that the next expansion of such service shall be made in other parts of the world.
Thereafter, in several countries, Binance launched the service and one of them was Argentina i.e. a regional neighbor of Brazil.
Binance then promised its Brazilian customers for introducing the facility in 2023.
More Room for Crypto to Grow
Several times, Binance had suggested that crypto has a long way to go especially with regard to payment.
Binance had further opined that crypto has an unthinkable number of payment use cases that can only be explored as time passes by.
GM of Binance Brazil, Guilherme Nazar, stated that by default crypto is made as a source of payment.
He further suggested that the prepaid card launch in Brazil will ensure the growth and development of the crypto industry locally and internationally.
He insisted that such facilities are instrumental in encouraging a much larger audience in embracing digital currencies and blockchain technology.
Nazar commented that Brazilians have huge respect and honor for crypto and blockchain. ‘It is this very reason why the Brazilian crypto market is more attractive than any other market of the world’, remarked Nazar.
Meanwhile, Binance has further promised to take prepaid card facilities into other major states. However, the name of the potential country where the service could be launched next hasn’t been disclosed by Binance.