- The service, in collaboration with MasterCard, allows users to make purchases in-store and online using crypto.
- Dock issues Binance Card, and the service instantly converts crypto to fiat.
Brazilians would be able to buy goods and services from merchants and pay bills using cryptocurrencies in a new service launched by Binance in collaboration with MasterCard. Binance Card is currently in its test phase and will hit the market in the ‘coming weeks,’ according to a blog post shared by the exchange.
Brazil is the second country to get the new offering since it was released last year- after Argentina. The Binance Card, according to the post, ‘‘allows all new and existing users in Brazil with a valid national ID to make purchases and pay bills with cryptocurrencies, including Bitcoin, at over 90 million MasterCard merchants worldwide, both in-store and online.’’
The card is issued by Dock and will instantly convert the transacted amounts into fiat currency at the point of sale. For the incentives, Binance Card customers would enjoy an 8% cashback in crypto across the services, besides zero charges at the ATM.
Binance Card Users to Access Their Accounts Through the Platform’s App
Binance cardholders can access their accounts via the Binance app and website dashboard, per the announcement, as well as customer transaction details and support. Using the card, merchants would receive fiat currency while users pay in any of their preferred tokens among the 14 cryptos supported on the service besides the Brazilian Real.
Among the countries leading the adoption of cryptocurrencies, Brazil stands out as one of the fastest-growing hubs, notes the post. The 2022 MasterCard New Payments Index – conducted on over 35,000 respondents – showed that the Latin American nation has the highest number of crypto users, with 49% of Brazilians having at least used crypto in the past year.
Some of the supported currencies on Binance Card include the Brazilian Real, Binance USD, Tether, and the native tokens of Bitcoin, Ethereum, Cardano, Polygon, Solana, Ripple, and Polkadot, among others. The latest development in the Binance ecosystem has yet to impact the price of BNB tokens – which was at a 4% retracement at press time.