Binance and Mastercard Launch Prepaid Crypto Card in Brazil
Main Takeaways
Binance and Mastercard announce the launch of Binance Card in Brazil.
The Binance Card issued by Dock will allow all new and existing Binance users in Brazil with a valid national ID to make purchases and pay bills with cryptocurrencies.
Brazil is among the top ten markets for Binance globally and becomes the second country in Latin America to have the product, following its release last year in Argentina.
Binance Card is part of our ongoing efforts toward evolving the relationship between existing financial services and the growing crypto ecosystem. The card is in its beta launch phase in Brazil, and will be widely available in the coming weeks.
Binance and Mastercard are excited to announce the launch of Binance Card in Brazil.
Brazil is among the top ten markets for Binance globally and becomes the second country in Latin America to have the product, following its release last year in Argentina.Â
The prepaid card is part of the ongoing efforts toward evolving the relationship between existing financial services and the growing crypto ecosystem. The card is in its beta launch phase and will be widely available in the coming weeks.
Binance Card in Brazil
The Binance Card issued by Dock will allow all new and existing Binance users in Brazil with a valid national ID to make purchases and pay bills with cryptocurrencies, including bitcoin and BNB, at over 90 million Mastercard merchants worldwide, both in-store and online.
Users can enjoy a seamless transaction experience in which their cryptocurrencies are converted to fiat currency in real-time at the point of purchase. One of the perks includes up to 8% cashback in crypto on eligible purchases and zero fees on ATM withdrawals (although please note that third-party services and network fees may apply) .
Binance cardholders will be able to manage their cards through the card dashboard on the Binance App and website. Users will also be able to view their transaction history and access customer support via the card dashboard.Â
By using the Binance Card, merchants continue to receive fiat and the users pay in any cryptocurrency they choose across 14 supported currencies.Â
Adoption and Innovation
Guilherme Nazar, General Manager at Binance for Brazil, said: âBrazil is an extremely relevant market for Binance and we will continue to invest in new services for local users, as well as contributing to the development of the blockchain and crypto ecosystem in the country.Â
âPayments is one of the first and most obvious use cases for crypto, yet adoption has a lot of room to grow. We believe the Binance Card is a significant step in encouraging wider crypto use and global adoption, and the openness of Brazilians to innovation makes the country a great market for this release.â
The 2022 Mastercard New Payments Index, a global survey of more than 35,000 respondents, found that Brazil is one of the top markets in terms of crypto interest across the world: 49% of Brazilian consumers have done at least one crypto-related activity in the past year in comparison with the global average of 41%.
âBrazilians 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 Binanceâs infrastructure to support consumer choice in payments,â said Marcelo Tangioni, Mastercard Country Manager, Brazil.
Currencies and Fees
Binance Card holders in Brazil will be able to pay by using 14 different currencies, including the Brazilian Real, BNB, BUSD, USDT, BTC, ETH, SANTOS, ADA, DOT, SOL, SHIB, XRP, MATIC, and LINK.Â
Users can select in the app or platform the preferred currencies they intend to use. Payments with BRL are zero-fee (please note that third-party services and network fees may apply), while there's an applicable 0.9% conversion fee on payments using cryptocurrencies.
In addition to supporting additional cryptocurrencies, Binance plans to continue to expand the card into new markets around the world.Â