Binance and Mastercard have introduced a Brazil-oriented prepaid rewards card that will enable users to pay for regular transactions using cryptocurrencies, crypto media outlet Decrypt reported on January 30.

According to insights, the card would be accessible to all Brazilian Binance users with a legitimate national ID and let them make payments and settle invoices using 13 cryptocurrencies, including bitcoin, ether, and Binance USD. According to Binance, the card will have a 0.9% cost for each transaction involving cryptocurrencies, as well as up to 8% cashback and fee-free ATM withdrawals.

In comparison to the global average of 41%, Brazilian consumers reported having done at least one cryptocurrency transaction in the previous 12 months, according to a 2022 Mastercard survey cited by Binance.

Notably, Brazil is not the first country to introduce such a crypto product. After making a comparable announcement in Argentina in August, Binance rolled out a similar product in the European Economic Area in partnership with Mastercard.

Source: DECRYPT