- Mastercard has partnered with Binance to launch a new prepaid crypto card in Brazil.
- The Binance Card will allow Binance users in Brazil to make purchases and pay bills using crypto assets, with real-time conversion to fiat at the point of sale.
- Brazil is among the top 10 markets for Binance globally and leads the world in crypto usage and adoption, with 49% of Brazilians having made at least one crypto-related transaction in the past year.
Binance and Mastercard have joined forces to launch the Binance Card in Brazil. Brazil is among the top 10 markets for Binance globally, and with this launch, the country becomes the second country in Latin America to have the product. The Binance Card, issued by Dock and regulated by Banco Central do Brasil, is part of the ongoing efforts to bridge the gap between existing financial services and the growing crypto ecosystem.
The Binance Card will allow Binance users in Brazil to make purchases and pay bills with cryptocurrency at over 90 million Mastercard merchants worldwide. The seamless transaction feature of the card will convert cryptocurrencies to fiat currency in real-time at the point of purchase. Moreover, users can enjoy up to 8% cashback in crypto on eligible purchases and zero fees on some ATM withdrawals.
Users can manage their Binance Cards through the card dashboard on the Binance App and website. They can also view their transaction history and access customer support via the card dashboard. By using the Binance Card, merchants will continue to receive fiat currency, while users can pay in any of the 14 supported cryptocurrencies, including Bitcoin and BNB.
Guilherme Nazar, General Manager at Binance for Brazil, expressed his excitement about the launch of the Binance Card, stating that it’s a significant step towards broader crypto use and global adoption. He said, “Brazil is an extremely relevant market for Binance, and we will continue to invest in new services for local users, as well as contribute to the development of the blockchain and crypto ecosystem in the country.”
Encouraging Wider Crypto Use and Global Adoption
Payment is one of the first and most obvious use cases for crypto, yet adoption has a lot of room to grow. The Binance Card is a significant step in encouraging wider crypto use and global adoption. The high interest in cryptocurrencies in Brazil is one of the reasons why Binance chose to launch the Binance Card in the country.
Mastercard’s 2022 New Payments Index, a global survey of more than 35,000 respondents, found Brazil is one of the top markets in crypto interest worldwide. The survey revealed that 49% of Brazilian consumers had done at least one crypto-related activity in the past year, compared to the global average of 41%.
In 2022, former President Jair Bolsonaro signed a bill to legalize cryptocurrency as a payment method within the country. The new legislation includes many digital assets under the definition of legal payment methods. With this new legislation, the launch of the Binance Card in Brazil is timely, and it is expected to contribute to the growth of the crypto ecosystem in the country.
