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Binance launches prepaid card in Colombia. This is his third country in Latin America thanks to a partnership with payment giant Mastercard.
Binance launches prepaid card in Colombia. This is his third country in Latin America thanks to a partnership with payment giant Mastercard.
The Binance Card is issued by Movii and allows regional users with valid national ID documents to make purchases and pay bills in cryptocurrency.
Colombia will be the third country in Latin America to support the product, following the release in Argentina last year and Brazil in January. The card offers clients an easy way to acquire cryptocurrencies without paying fees or navigating sometimes complex exchange onboarding processes.
Binance cards work just like other bank cards, except they are linked to crypto wallets instead of mobile banking apps. Users fund transactions in any of the 12 supported cryptocurrencies, while merchants are paid in fiat currency. Specifically, the coins supported are his BNB, BTC, ETH, ADA, DOT, SOL, SHIB, XRP, MATIC, LINK, and stablecoins, and the user prefers in the app or on his website. Specify an asset. A 0.9% conversion fee applies to payments made using crypto.
Binance allows clients to top up their cards through the Binance Card App and convert cryptocurrency to fiat in seconds. It can be used at over 90 million of his Mastercard merchants worldwide. As such, the card is not directly connected to the customer account of the platform. Binance users can manage their cards from a dedicated dashboard on the exchange’s app and website. The dashboard shows your transaction history and provides easy access to customer support.
Every time a cardholder makes a payment, Binance Card instantly converts cryptocurrencies into other fiat currencies and automatically deducts all undisclosed costs and fees.
Daniel Acosta, General Manager of Colombia at Binance, said: The launch of Binance Card will further promote the adoption of cryptocurrencies among Colombians and contribute to the development of the country’s blockchain and cryptocurrency ecosystem, while at the same time making cryptocurrencies a part of everyday life for millions of people. We believe that we will take a new step to bring us closer to ”
Latin America ranks 5th in the world for cryptocurrency adoption, consistently accounting for 8% to 10% of global cryptocurrency activity. The region has seen a 10-fold increase in the use of cryptocurrencies, he said, over the past two years.
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