Binance has teamed up with Mastercard to introduce a prepaid cryptocurrency card in Brazil, enabling users to make purchases with 13 digital assets, including bitcoin, ether, and Binance USD. Holders of the upcoming Brazilian card will also be able to use the card to spend in Brazil’s national currency, the Real (BRL). Payments in BRL will be 0%.
The card incurs a 0.9% fee per transaction for digital currency payments and offers up to 8% cashback in crypto, with no fee for ATM withdrawals. The cashback will be based on the average balance of Binance’s native $BNB token in the month leading up to a transaction with a website for their current issued cards detailing the following table.
Currently in its testing phase, the product is expected to be widely available soon. The launch in Brazil marks Binance's continued investment in the country and its commitment to contributing to the growth of the blockchain and crypto ecosystem.
Brazil is considered a high-potential area with a population of roughly 212 million. A recent Mastercard survey found that 49% of Brazilian consumers reported making at least one crypto transaction in the past year, higher than the global average of 41%.
Binance previously launched similar cards in Argentina and the European Economic Area. According to Marcelo Tangioni, Mastercard County Manager in Brazil, "Brazilians are eager to use cryptocurrency beyond an investment asset."