JAKARTA – Leading crypto trading company Binance has reportedly launched a prepaid crypto card in Argentina. The launch is the result of Binance's collaboration with Mastercard. On Thursday, August 4, Binance officially released a prepaid ktip card.
These efforts make Argentina the first country in Latin America to have a Binance prepaid card. The card is scheduled to be distributed massively in the next few weeks.
Binance Prepaid Card Benefits
The crypto community that owns a Binance prepaid card can use it to buy products and pay bills using cryptocurrency.
Launching CryptoPotato, the card can be used to pay for various products at more than 90 million merchants who use Mastercard payment services.
It will be the first crypto card to be supported by a global exchange. Argentines already have options provided by local crypto exchanges like Lemon. Binance is not alone, Crypto.com has also introduced a similar product in Brazil.
One of the most significant advantages of the Binance card is that it provides cashback of up to 8% in BNB for certain purchases. Eligible refunds from Binance will be credited to the funding wallet immediately.
In addition, Binance prepaid card users will not be charged any fees for withdrawals via ATM. Users can withdraw up to 45,000 pesos (about 339 US dollars) per day or a maximum of 180,000 pesos (1,357 US dollars) per month.
To apply for a card, users must have an active Binance account. This card will allow purchases of up to 90,000 pesos per day and a maximum of 360,000 pesos per month.
Compete with Bank Debit Cards
With the launch of the prepaid card, Binance provides an alternative payment for Argentineans. This also has the opportunity to become a competitor to traditional banks which often offer cashback in small amounts.
Banks also tend to charge certain fees for transactions using debit cards, both for withdrawals and remittances. With the Binance prepaid card, users will not be charged anything.
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