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Binance and Mastercard Partner to Boost Crypto Buying

Will Mastercard be a factor in spurring mass cryptocurrency adoption?

Mastercard CEO Michael Miebach recently announced the company’s next move in partnership. on binance, The world’s leading cryptocurrency exchange in terms of day to day trading volume.

According to Miebach’s Linkedin account, Mastercard Allows users to purchase virtual currency At over 90 million stores in Argentina that accept Mastercard.

Mieback shares the vision of mega-payments, introducing cryptocurrencies for everyday purchases, “By making it easier to access and use, we can unlock the full potential of blockchain technology.” he added “To make that happen, we are working with Binance to enable purchases using crypto at over 90 million stores that accept Mastercard.”

Growing Interest in Crypto Adoption

The move comes after the two entities worked together to roll out a new prepaid card in Argentina earlier this month.

Binance Card simplifies the process of converting to cryptocurrency in real time. The move will allow domestic cardholders to keep his 8% cashback under cryptocurrencies at select merchants.

binanceThe world’s leading exchange also plans to expand its card offerings through a long-term cooperation with Mastercard. CEO Changpeng Zhao hinted at the launch of his card in Argentina on July 24, revealing that the card will also be available in other regions.

hyper inflation bite

Argentina has one of the highest inflation rates in the world. This issue has driven people to cryptocurrencies and digital assets have played a key role here.

The Argentine peso (ARS) has lost three quarters of its value against the dollar compared to four years ago. During the same period, Bitcoin gained 114% against the dollar and 1.350% against the peso.

Overall, the current state of high inflation is motivating Argentines to adopt cryptocurrencies. However, the country’s financial instability poses many risks for investors.

Mastercard has extensive experience helping cryptocurrency holders make payments using the network instead of fiat currency. However, this his integration with Binance is seen as a big step forward for the payment service provider.

Visa sees potential

Visa, like Mastercard, is working to expand its presence in Latin America. VISA has always competed directly with Mastercard, and the cryptocurrency business is no exception.

The payments giant has partnered with Crypto.com, Alterbank, Zro Bank, Agrotoken and Satoshi Tango. It also partnered with Tribal Credit to provide card services for small businesses.

VISA has announced the launch of the new Bitcoin (Bitcoin) Cashback prepaid card issued in Brazil in September 2021. The Ripio card was developed by Brazilian crypto trader Ripio in collaboration with Visa.

Prepaid cards store cryptocurrency. Ripio only converts to fiat currency when the card is used to make a purchase. This time, a unique feature developed by VISA is for a Ripio card user to receive her 5% refund in Bitcoin after the first transaction using the card.

no one wants to be left behind

Mastercard and Visa, as well as numerous other financial technology businesses such as Cash App and Paypal, are steadily implementing blockchain for payment and administrative tasks.

These companies are united in the belief that digital currencies will one day dominate payment systems.

Transaction fees are a headache for customers, a challenge that both Visa and Mastercard have to contend with.

In most cases, these companies charge a fee of 3-4% of the total transaction value. The exact percentage may vary depending on which bank you partner with.

At this stage, cryptocurrencies can be viewed as an investment option with a high level of risk.

However, payment processing businesses are betting that crypto will one day be used as a payment method for the various purchases that people make on a daily basis, and they don’t want to lag behind technological developments.

Security risks are also a major concern for card payments, including digital currencies, according to payment companies. Many people store their cryptocurrencies in exchange wallets or third-party services, which poses a high risk of being hacked.

https://blockonomi.com/mastercard-partners-with-binance-to-boost-crypto-purchases/ Binance and Mastercard Partner to Boost Crypto Buying

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