• Binance is launching a prepaid card in Brazil, in collaboration with Mastercard.
• The card will allow users to shop, pay for bills and services, and spend in the million merchants associated with the Mastercard network.
• Users must complete a KYC process and present a valid national Identification Document (ID) to access the product.
Crypto exchange Binance is expanding its reach into Latin America with the launch of a new prepaid card in Brazil. The card, created in collaboration with Mastercard, will enable users in the country to access a wide range of services and purchase goods with crypto.
The Binance prepaid card is a financial product that will allow users to convert their crypto holdings into fiat at the point of purchase in order to make payments. This will reduce the gap between traditional finance and the new payment rails of cryptocurrencies. The card will be available to users in the coming weeks, after the product completes its beta testing phase.
To access the card, users must first complete a Know Your Customer (KYC) process. This involves presenting a valid national Identification Document (ID) in order to verify the user’s identity. Once the process is complete, users will be able to use the card to shop, pay bills and services, and spend in the million merchants associated with the Mastercard network.
In addition, users will be able to earn additional rewards and access cashback when using the card. This move is part of Binance’s effort to bridge the gap between traditional finance and the new digital asset class.
Walter Pimenta, Executive Vice President for Product and Innovation at Mastercard Latin America and the Caribbean, said of the new product: “Our work with digital currencies builds on the strong foundation of safety, security and reliability of our global payments network.”
The launch of the Binance prepaid card in Brazil follows the success of its launch in Argentina last year. It is hoped that the card will be the first of many products that will enable users to access the full potential of cryptocurrencies in the Latin American region.