LONDON (Reuters) – Mastercard and crypto exchange Binance will end their four crypto card programmes in Argentina, Brazil, Colombia, and Bahrain as of September 22, a spokesperson for Mastercard said via email on Thursday.
The Binance cards allowed users to make payments in traditional currencies, funded by their cryptocurrency holdings on the exchange.
The decision will not impact any of Mastercard’s other crypto card programs, the spokesperson said.
(Reporting by Elizabeth Howcroft)
London-based financial services company Mastercard and cryptocurrency exchange Binance have announced the discontinuation of their four cryptocurrency card programs in Argentina, Brazil, Colombia, and Bahrain. The termination will take effect on September 22. A spokesperson for Mastercard confirmed the news via email on Thursday.
The Binance cards, which enabled users to make payments in traditional currencies using their cryptocurrency holdings on the exchange, will no longer be available in the aforementioned countries. While this move will impact the existing crypto card programs operated by Mastercard and Binance, the spokesperson assured that it will not have any effect on other crypto card initiatives offered by Mastercard.
The decision to end the partnership in these countries comes as a surprise to many customers who were utilizing the Binance cards for their day-to-day transactions. However, the specific reasons for discontinuation were not disclosed in the announcement. It remains unclear whether Mastercard and Binance will explore alternative options or partnerships in these regions in the future.
Mastercard’s global presence and expertise in financial services, coupled with Binance’s position as one of the world’s largest cryptocurrency exchanges, made the collaboration in these markets particularly attractive. Users benefitted from the convenience of spending traditional currencies with their cryptocurrency holdings, providing them with greater flexibility and utility.
With this termination, affected users in Argentina, Brazil, Colombia, and Bahrain are advised to find alternative payment solutions. The announcement serves as a reminder of the dynamic and rapidly evolving nature of the crypto industry, where partnerships and services can change or be discontinued without much warning.
The decision to conclude the crypto card programs in these specific countries does not signal any broader plans or changes for Mastercard’s other crypto card offerings. The multinational financial services corporation continues to explore and innovate in the crypto space, recognizing the growing demand and potential of digital currencies.
Further details about the termination, including alternatives for affected cardholders and potential reasons for the decision, have not been provided. The development marks a significant change in the crypto card landscape in these countries, leaving users and industry observers eager for more information on the future of cryptocurrency payment solutions in Argentina, Brazil, Colombia, and Bahrain.
Credit: The Star : Tech Feed
