Mastercard strikes deal with Binance to launch crypto payments card

Mastercard is set to launch a cryptocurrencies payments card, after striking a deal with Binance, the world’s largest crypto exchange.

The crypto debit card will let users pay for everyday purchases using various cryptocurrencies, including Bitcoin, that they have stored in their Binance accounts.

The payments card, which converts cryptocurrencies into fiat currency, is set to be made available to all new and existing Binance users in Argentina in the coming weeks, following the card’s global launch.

Users of the crypto card will be able to make purchases and pay bills at more than 90m online and high street shops, after signing up for the card with a valid national ID.

In a LinkedIn post, Mastercard chief executive Michael Miebach said the new card will help “unlock the full potential of blockchain technology” by making it easier to access and use.

Binance exec Maximiliano Hinz said the Argentina launch is a “significant step in encouraging wider crypto use and global adoption.”

Miebach added that there are plans to “expand” after this week’s launch.

British customers are however unlikely to gain access to Binance’s payments card in the foreseeable future, following the UK’s Financial Conduct Authority’s (FCA’s) decision to blacklist the crypto exchange for anti-money laundering failures last year.