Mastercard ties up with Binance to enable payments in crypto at 90 million stores
This announcement by Mastercard hints at a future where business and citizens will be able to accept cryptocurrencies as a means of payment.
Payments giant Mastercard on Wednesday revealed a partnership with the world's largest crypto exchange by trading volume. This is to enable crypto payments in 90 million stores that support Mastercard payments.
Further, 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 + easier to use," said Michael Miebach, MasterCard CEO in a LinkedIn post.
When will the first glimpse 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 towards furthering global cryptocurrency adoption in a tangible manner." This announcement by Mastercard hints at a future where businesses and citizens will be able to accept cryptocurrencies as a means 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 national IDs to make purchases and pay bills with cryptocurrencies. "By using the Binance Card, merchants continue to receive fiat and the users pay in cryptocurrency they choose. We believe the Binance Card is a significant step in encouraging wider crypto use and global adoption and now it is available for users from Argentina", said Maximiliano Hinz, general director of Binance in Latin America in a blog post.
Prepaid cards are the rage
Mastercard isn't the only company to tie up with a cryptocurrency exchange. Recently, Latin American crypto company Ripio has rolled out a prepaid card in partnership with Visa in Brazil. The card enables payments in fiat as well as 28 cryptocurrencies listed on Ripio's exchange, according to a report by Coindesk.
(This story was updated to correct two typos.)
Edited by Akanksha Sarma