With the new Binance Card, Brazil’s citizens will be able to make purchases using crypto while benefiting from a real-time conversion system from 14 crypto assets to fiat at the point of sale. The card is being issued by a payment institution regulated by Banco Central do Brasil named Dock, and it allows new and existing Binance users in Brazil with valid national IDs to pay bills and make purchases using cryptocurrency.
The product is still in a beta testing phase at the time of writing, but Binance has revealed that it will become widely available within the next weeks. According to the same source, Brazil is among the top ten markets for Binance globally and has now become the second country in Latin America to have this product following a release in Argentina in 2022.
Cardholders in Brazil will also benefit from certain perks, including up to 8% cashback in crypto on eligible purchases and zero fees on ATM withdrawals. Users will be able to manage their cards through the card dashboard on the Binance App and website, and they will receive access to a card dashboard that provides transaction history information as well as access to customer support.
Binance representatives cited by cointelegraph.com revealed their intention to continue their investment in new services for local users in Brazil while contributing to the development of the country’s blockchain and crypto ecosystem.
According to the 2022 Mastercard New Payments Index, Brazil is one of the most important markets as far as crypto interest is concerned. The report found that 49% of Brazilian consumers have done at least one crypto-related activity in the past year, while the global average is 41%.
In August 2022, Binance and Mastercard partnered in order to launch a prepaid rewards card in Argentina that supports both Bitcoin and BNB. According to company officials, Mastercard hopes to bring millions of additional users into crypto and other digital assets. The crypto payments sector has room to grow, and the Binance Card aimed to encourage wider crypto use around the globe.
One of the prepaid card’s key features is that it converts cryptocurrencies to fiat currency in real time at the point of purchase. Users can also earn up to 8% in crypto cashback on eligible purchases.
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