x
Black Bar Banner 1
x

Welcome to Markethive

Binance and Mastercard Launch Bitcoin Rewards Card in Brazil

Posted by Andries Van Tonder on January 31, 2023 - 10:29am

Binance and Mastercard Launch Bitcoin Rewards Card in Brazil

The new rewards card from Binance and Mastercard will offer users in Brazil up to 8% cashback on select cryptocurrencies, including Bitcoin.

By Alys Key

Brazil is the first Latin American country to launch a Bitcoin ETF. Image: Shutterstock

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 BitcoinEthereum, 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.

Andries Van Tonder Thank you Otto
January 31, 2023 at 12:14pm
Andries Van Tonder Yes Simon. Binance and Mastercard have launched a prepaid rewards card in Brazil that will allow customers to make everyday purchases with cryptocurrency.
January 31, 2023 at 12:13pm
Simon Keighley That's a smart move to see Binance teaming up with Mastercard in Brazil - thanks for sharing the news, Andries.
January 31, 2023 at 11:11am