Binance Launches Prepaid Crypto Card Service in Colombia

Colombia is the latest Latin American country to receive access to prepaid cryptocurrency cards powered by leading digital asset service provider Binance.

Markedly, this is one of the regions where Binance claims to have a good market due to the high rate of crypto adoption. Not sure how much of an interest the crypto heavyweight has in the Latinos but it is worthy of note that this is the third Latin American country to get such access after Argentina and Brazil.

With this MOVii-issued prepaid crypto card, Binance old and intending customers in Colombia can pay their bills and make purchases using crypto.

However, these users must have a valid form of identification to be given access to this service. The prepaid card permits Binance users to use cryptocurrencies like Bitcoin (BTC) and BNB with about 90 million merchants globally both in-store and online.

The digital assets are converted to fiat currency at the point of purchase to aid a hassle-free transaction for users.

Additionally, an 8% cashback in crypto is available for eligible purchases as well as zero fees on ATM withdrawals. This does not rule out the fact that third-party services and network fees may still apply. Currently, the card is in the beta testing phase and is set to be launched soon.

“We believe that the launch of Binance Card will encourage even wider adoption of crypto among Colombians, contributing to the development of the blockchain and crypto ecosystem in the country while making another step to bring cryptocurrency closer to the everyday life of millions of people,” said Daniel Acosta, Binance’s general manager in Colombia.

Binance Leverage Prepaid Cards to Drive Crypto Adoption

Binance began to roll out prepaid crypto cards as part of its strategy to connect traditional financial systems to the nascent crypto ecosystem.

This is in addition to expanding the ability of users to perform their daily transactions with the use of digital assets. Argentina was the first Latin American nation to enjoy this benefit as Binance partnered with payment behemoth Mastercard to introduce the credit card.

This same partnership birthed the reign of prepaid crypto cards in Brazil at the beginning of this year. In the case of Brazil, the cards were issued by Dock, a fintech company in the business of issuing cards.