Binance and Mastercard have launched a prepaid rewards card in Brazil, offering customers the ability to pay with cryptocurrency. New and existing Binance users can make purchases and pay bills with Bitcoin and other cryptocurrencies across Mastercard's network of 90 million merchants. The card offers perks including up to 8% cashback in crypto on eligible purchases and zero fees on ATM withdrawals.
When the card becomes widely available, Brazil will become the second Latin American country where it is available, following Argentina's launch last year. User funds will be converted from crypto to fiat currency in real time at the point of purchase, with a 0.9% conversion fee for payments made using crypto. Binance plans to increase the number of cryptocurrencies supported by the card and expand its availability to other countries.
Brazil became the first Latin American country to launch a Bitcoin ETF, and passed a bill last year that gives cryptocurrency payments legal status in the country, signed into law by former President Jair Bolsanaro. Cardholders in Brazil will be able to pay with 14 different currencies, including Bitcoin, Ethereum, and Binance's own BNB and BUSD tokens.
Marcelo Tangioni, Mastercard's country manager for Brazil, said that Brazilians are eager to embrace crypto beyond investment. With the launch of the Binance and Mastercard Bitcoin rewards card, it seems that Brazil is well on its way to becoming a leader in the Latin American cryptocurrency market.
