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Mastercard plans to bring cryptocurrencies into daily purchases. To do so, the company partners with the largest cryptocurrency exchange Binance. As a result of this collaboration, users will have the possibility to pay with Ethereum, Bitcoin, Dogecoin, and Binance Coin in more than 90 million stores that accept Mastercard. Binance cards will convert crypto into fiat currency in real time. Additionally, individuals will be able to get an eight-percent cash back in cryptocurrency.
Michael Miebach, the CEO of Mastercard, shared the news in a LinkedIn post:
“We can unlock the full potential of blockchain technology when we make it easier to access and easier to use.”
Mastercard and Binance’s initiative will first launch in Argentina and then expand to other locations. It’s worth noting that earlier this month, Binance and Mastercard announced the launch of a beta version of Binance Card in Argentina, making it the first Latin American country to have the product.
Mastercard has previously introduced other Web3-themed initiatives. In April, the company filed fifteen NFT-themed trademark applications for ‘MASTERCARD’, the Circles Logo, and the ‘PRICELESS’ slogan of the company. In June, Mastercard introduced an NFT payment service, which permits users to purchase non-fungible tokens with fiat currency.
“What could the blockchain industry look like in five years? We’re seeing hints of that,”concludes Michael Miebach’s post.
The Mastercard and Binance collaboration is just one of the instances where cryptocurrencies are entering the spaces previously reserved only for fiat payments. PayPal has recently added cryptocurrency functionalities to its mobile app. Meanwhile, a Deloitte survey from June showed that 80% of merchants consider enabling crypto payments as a ‘high priority’ issue. High fashion brands like Balenciaga and Gucci have already started accepting crypto, as has the popular Mexican chain Chipotle.
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