Mastercard CEO says company is working with Binance to enable crypto payments

Mastercard’s chief executive officer has announced that the credit card company is collaborating with digital asset exchange Binance to increase crypto payments for ordinary transactions.

CEO Michael Miebach said that the financial services business is collaborating with the world’s biggest crypto exchange by volume to allow Mastercard-accepting retailers to accept the digital currency.

“The full potential of blockchain technology may be unlocked by making it easy to access and utilise. One way we achieve this is by integrating cryptocurrency into ordinary transactions.”

Miebach’s announcement coincides with the debut of the Binance Card in Argentina by Mastercard and Binance.

The card will enable Binance users in the country who have passed identity verification and have a valid national ID to make purchases and pay bills using Bitcoin (BTC) and Binance Coin (BNB).

“Users may experience a frictionless transaction in which their cryptocurrencies are converted to fiat money in real-time at the moment of purchase, in addition to earning up to 8% in crypto cashback on qualifying purchases and zero fees* on ATM withdrawals.”

Argentina is the first Latin American nation to issue the card, although Mastercard has ambitions to extend to further countries. Binance is also expanding its cryptocurrency support. The Binance Argentina Card is now in beta, but it will be widely accessible within the next few weeks.

Also Read: US Commercial Code Distinguishes Crypto From Electronic Money