Mastercard and Binance to End Crypto Card Programs in Four Countries
Mastercard and Binance, the crypto exchange giant, have decided to terminate their crypto card programs in Argentina, Brazil, Colombia, and Bahrain, according to Reuters. This move is set to take effect on September 22. However, it is important to note that this cessation will not impact Mastercard’s other existing crypto card programs.
Key Points:
– The partnership between Binance and Mastercard allowed users to convert their cryptocurrencies into fiat currency and earn up to 8% cash back in crypto, depending on their purchases.
– Merchants would still receive fiat currency, while customers could utilize their crypto as a means of payment, thereby promoting wider adoption of cryptocurrencies.
– Argentina was the first country to adopt Binance’s crypto card program in August 2022, driven by the high inflation rate in the country and the need for alternative payment options.
– Mastercard has not yet provided a comment on this decision.
Hot Take:
The termination of the crypto card programs by Mastercard and Binance in these four countries might hinder the progress of crypto adoption in the region. The crypto card programs provided an easy and convenient way for individuals to use their cryptocurrencies for daily transactions. This setback could potentially slow down the growth of the crypto market in these countries.
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