By Amelia Isaacs on Thursday 25 August 2022
Customers will be able to spend crypto in more than 90m merchants worldwide.
Shoppers in Argentina could soon be paying for their weekly grocery shop in crypto thanks to a collaboration between Mastercard and Binance.
In just a few weeks, the “Binance Card” will be able to be used in more than 90 million stores where Mastercard is accepted, both in-store and online.
It will allow payment in cryptocurrencies such as Bitcoin and BNB (Binance Coin), with cryptocurrencies converted to fiat currency in real-time at the point of purchase.
Mastercard’s CEO Michael Miebach shared the news on his personal LinkedIn page, with Binance reposting and simply stating: “The future is here”.
“We can unlock the full potential of blockchain technology when we make it easier to access + easier to use,” Miebach wrote on LinkedIn.
“One way we do that is by bringing crypto to everyday purchases.”
The company is working with Binance to make this a reality, he wrote, launching first in Argentina with plans to expand from there.
“What could the blockchain industry look like in five years? We’re seeing hints of that,” he added.
The launch comes as part of Mastercard’s ongoing efforts towards “furthering global cryptocurrency adoption in a tangible manner”, the company said.
“Payments is one of the first and most obvious use cases for crypto, yet adoption has a lot of room to grow,” general director of Binance in Latin America Maximiliano Hinz said.
“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.”
The product is currently in beta phase and will be widely available in the coming weeks with plans to expand further.