Mastercard CEO Says Credit Card Giant Working With Binance To Enable Customers Make Crypto Payments

The chief executive officer of Mastercard says that the credit card giant is teaming up with digital asset exchange Binance to boost crypto payments for everyday purchases.

CEO Michael Miebach says that financial services company is working with the world’s largest crypto exchange by volume to enable people to use their digital coins when purchasing from stores that accept Mastercard.

“We can unlock the full potential of blockchain technology when we make it easier to access + easier to use. One way we do that is by bringing crypto to everyday purchases.”

Miebach’s statement comes as Mastercard and Binance launch the Binance Card in Argentina. 

The card will allow Binance users in the country who have completed identity verification and with valid national ID to make purchases and pay bills with cryptocurrencies, including Bitcoin (BTC) and Binance Coin (BNB).

As previously stated by Mastercard in a press release,

“Users can enjoy a seamless transaction in which their cryptocurrencies are converted to fiat currency in real-time at the point of purchase, as well as earn up to 8% in crypto cashback on eligible purchases and enjoy zero fees* on ATM withdrawals.”

Argentina is the first country in Latin America to have the card but Mastercard says that plans are in place to expand to more markets. Binance is also adding support for more cryptocurrencies.

The Binance Argentina Card is still in beta phase but it will be made widely available in the coming weeks.

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Featured Image: Shutterstock/Merydolla