Brazilians can use the Binance Card to make cryptocurrency purchases, with the real-time conversion from 14 crypto assets to fiat at the point of sale. Mastercard has partnered with the world’s largest cryptocurrency exchange to introduce another prepaid crypto card in Latin America.
Binance announced the introduction of the Binance Card in Brazil on January 30. Dock, a payment institution authorized by the Banco Central do Brasil, Brazil’s central bank, issued the new card.
The new crypto card will allow new and existing Binance users who have valid national IDs to make purchases and pay bills in cryptocurrency.
The crypto card is now in beta testing and will become “widely available in the coming weeks,” according to Binance.
Binance has introduced the product in Brazil for the second time, following Argentina in August. According to the release, Brazil is one of Binance’s top ten worldwide markets.
Guilherme Nazar, Binance Brazil’s general manager, stated in a press statement shared with Cointelegraph that the card is a “major step in fostering greater crypto use and worldwide adoption,” adding:
“Payments is one of the first and most obvious use cases for crypto, yet adoption has a lot of room to grow.”
At the moment of sale, the crypto card will enable the real-time conversion of 14 crypto assets to fiat. Benefits include up to 8% cash back in cryptocurrency on certain purchases and no fees on some ATM withdrawals.
Brazil outperforms the worldwide average in terms of crypto usage and acceptance, according to Mastercard’s 2022 New Payments Index. According to the global poll of over 35,000 respondents, 49% of Brazilians have conducted at least one cryptocurrency-related transaction in the last year, compared to the worldwide average of 41%.
Outgoing President Jair Bolsonaro passed legislation in December to authorize using cryptocurrencies as a payment method within the country.
The new legislation does not make Bitcoin legal money, as it did in El Salvador, but it does include several digital assets among the authorized payment options. A licensing scheme for suppliers of virtual asset services was also developed.