Binance, Mastercard Resumes Crypto Card Payment Deal

Binance cryptocurrency exchange has announced the resumption of Mastercard payments for crypto transactions. According to a post, this strategic move signifies a renewed collaboration between one of the world’s leading cryptocurrency exchanges and the global payment giant, Mastercard. 

Binance Users can Utilize Mastercard for Payments and Deposits

Binance users can now utilize Mastercard to make payments and deposits in cryptocurrencies, marking a crucial step towards the broader adoption of digital currencies. Notably, this service resumption is expected to enhance user experience by providing a seamless and efficient method for funding their crypto accounts. 

It is important to note that even though payments and deposits are now easier, users can not still use Mastercard to make withdrawals on Binance. Binance has reassured its users that this feature will be introduced later, but did not give a specific timeline.

Meanwhile, this phased approach indicates that Binance and Mastercard are proceeding cautiously, likely addressing regulatory and technical considerations to ensure a secure and compliant integration.

Binance, Mastercard Deal Once Ended 

In August 2023, Mastercard announced it ceased its association with Binance. Following a Mastercard spokesperson, Mastercard and Binance stopped offering all collaborated cryptocurrency card programs in Argentina, Brazil, and Colombia.

However, users could make payments in local fiat currencies using the Mastercard and Binance prepaid crypto cards, financed from users’ cryptocurrency accounts in the trading platform. Also, members could transfer their Binance assets throughout the wind-down duration.

Although Mastercard withheld the cause, web publications like Bloomberg suggested it could have been related to growing regulatory monitoring of the troubled cryptocurrency exchange. 

Recall that, the Securities and Exchange Commission (SEC) filed more than a dozen allegations against the crypto firm, its US platform, and its ex-CEO Changpeng Zhao in the District Court of Columbia. According to the SEC, the claims related to a blatant disregard for the laws of the United States.

Companies Showing Interest in Crypto Payment

In April, payment service provider Stripe reintroduced cryptocurrency payments, this time in stablecoins. Since discontinuing its Bitcoin payment option in 2018, the firm has witnessed improvements in transaction times, decreased fees, and a stable performance of stablecoins. As such, Stripe will begin to offer payment services using USD Coin (USDC) on the Solana (SOL), Ethereum (ETH), and Polygon (MATIC) blockchains.

As reported by TheCoinRise in 2023, Ferrari, the renowned luxury sports car manufacturer, unveiled its decision to embrace cryptocurrency as a valid payment method for its vehicles in the United States.

Furthermore, one of South Africa’s biggest supermarkets, Pick n Pay started accepting Bitcoin (BTC) payments at its locations after the expansion of its payments’ pilot program. Also, Balenciaga, a Paris-based luxury fashion house announced it has started accepting BTC and Ethereum payments as it sought a long-term strategy for the crypto industry. The company plans to make the service a broad-based one, spreading to other regions and supporting many more crypto assets.