Home Business Payments giant Mastercard partners with Binance to enable crypto payments at 90 million stores

Payments giant Mastercard partners with Binance to enable crypto payments at 90 million stores

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Payments giant Mastercard partners with Binance to enable crypto payments at 90 million stores

Payments giant Mastercard on Wednesday revealed a partnership with Binancethe largest crypto exchange in the world by trading volume. This is to enable crypto payments at 90 million stores that support Mastercard payments.

Moreover, this partnership aims to bridge the gap between crypto and everyday purchases. “We can unlock the full potential of blockchain technology when we make it easier to access and easier to use,” MasterCard CEO Michael Miebach said in a LinkedIn post.

When will the first preview of this collaboration appear?

According to Miebach’s Twitter teaser, the pilot version of the Binance Card will be launched in Argentina on August 23.

The company blog post further stated that “The Binance Card is part of the company’s ongoing efforts to drive global cryptocurrency adoption in tangible ways.” This Mastercard announcement portends a future where businesses and citizens can accept cryptocurrencies as a form of payment.

Previously, on August 4, Binance and Mastercard announced their partnership to launch a prepaid card in Argentina. This card, issued by Credencial Payments, allows users in the region with a national identity card to make purchases and pay bills with cryptocurrencies. “By using the Binance Card, merchants continue to receive fiat and users pay in the cryptocurrency of their choice. We believe the Binance Card is an important step in encouraging broader crypto use and global adoption. and it’s now available for users in Argentina,” said Maximiliano Hinz, General Manager of Binance Latin America. in a blog post.

Prepaid cards are all the rage

Mastercard isn’t the only company to partner with a cryptocurrency exchange. Recently, Latin American crypto firm Ripio has deployed a prepaid card in partnership with Visa in Brazil. The card allows payments in both currencies as well as 28 cryptocurrencies listed on Ripio’s exchange, according to a report by Coindesk.

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