Binance exchange & MasterCard teamed up to launch crypto cards in South America.
Binance is a popular crypto exchange. Due to quality & secure crypto services, the majority of the crypto investors use Binance as the top choice over all other crypto exchanges. Binance exchange believes to create its own ecosystem to provide better services to the users. Binance Exchange also operates its Binance coin (BNB) via Binance Smart Chain (BSC) network.
Recently Binance announced its partnership with giant card payment processor company MasterCard, via a press release. Through the press release, Binance confirmed that it will take technical support from MasterCard & will provide crypto backend support through its ecosystem to issue crypto cards in South America.
Indeed, Credencial Payments, Buenos Aires-based fintech firm, will issue the Binance & MasterCard backed Crypto Card to allow South American citizens to spend crypto funds to buy goods and services and pay bills.
The Crypto Card will be supported by more than 90 million merchants, which use MasterCard merchant support . When any person will use his crypto card then the card will directly convert crypto into fiat (a back-end process). So basically it will be free from any kind of crypto buy & sell hurdles, to pay in cryptocurrencies.
Notably, just 4 days ago, Sachin Mehra, Chief financial officer of MasterCard, said that crypto assets are highly volatile and these assets can’t be used in the payment system because people can’t accept the price of a single item differently within 1 day of interval time.
These things are showing that the aim of MasterCard is only to provide technical support via its ecosystem, to maintain its future in every type of banking payment system but personally the company doesn’t think that cryptocurrencies should be part of the payment system.