Binance and Mastercard have launched a prepaid rewards card in Brazil that will allow customers to make everyday purchases with cryptocurrency.
New and existing Binance users will be able to use the card to buy things and pay bills with Bitcoin and other cryptocurrencies across Mastercard’s network of 90 million merchants, Binance said in a statement seen by Decrypt.
It also comes with perks including up to 8% cashback in crypto on eligible purchases, and zero fees on ATM withdrawals.
When the card becomes widely available in the next few weeks, it will make Brazil the second Latin American country where it is available, following Argentina’s rollout last year.
Like the Argentinian card, user funds will be converted from crypto to fiat currency in real time at the point of purchase. Payments made using crypto are subject to a 0.9% conversion fee.
“Brazil 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,” said Guilherme Nazar, general manager at Binance for Brazil.
Crypto, Binance and Brazil
Last year, Brazil’s congress passed a bill that gives cryptocurrency payments legal status in the country—though without making the assets legal tender.
It was signed into law by then-President Jair Bolsanaro at the end of last year.
“Brazilians are eager to embrace crypto beyond an investment asset,” Marcelo Tangioni, Mastercard’s country manager for Brazil, said of Binance’s latest announcement.
Cardholders in Brazil will be able to pay using 14 different currencies. In addition to the Brazilian Real, these include Bitcoin, Ethereum, and Binance’s own BNB and BUSD tokens.
Plans are underway to increase the number of cryptocurrencies supported by the card, according to Binance’s statement, as well as to expand its availability to more countries around the world.