The world’s largest exchange has unveiled the Binance Card which is basically a Visa-issued debit card that will allow users to shop online or make payments with crypto from anywhere in the world. The card is directly connected to a user’s Binance account.
This is undeniably a huge step towards fostering crypto adoption by making it easy to use cryptocurrencies for everyday purchases and settlement of bills.
Online Shopping And Payments Made Easy With Binance Card
Binance announced the news in a blog post on Thursday (March 26, 2020), saying that users can now make regular payments using its newly-unveiled Binance Card. Users will only be required to pre-load their cards using either bitcoin (BTC) or Binance Coin (BNB) via the Binance Card App. The card will then automatically deduct all payments or shopping expenses from the balance every time a payment is made.
The Binance Card is accepted by over 46 merchants in 200 regions worldwide, both offline and online. With this card, users don’t have to sell their crypto in order to make payments as they can effortlessly spend the amount they wish to while HODLing the rest of their crypto holdings.
At the moment, the card is only available as a virtual card in the Beta version and will be available to all interested Binance users in the next few weeks. Binance will first launch the card in Malaysia as early as April, then Vietnam next.
More countries will be added soon afterward as the exchange aims to make the debit card available to users globally. Moreover, the physical version of the card will be available soon as well as the addition of other cryptocurrencies.
Binance Card App: An App For Binance’s Crypto Visa Debit Card
Those interested in the Binance Card are required to register on Binance’s Landing page after which they will receive notifications once the card is available in their respective countries. To order for the card, interested users will pay a one-time fee of $15 in BNB or BTC and there will be no monthly or annual fees.
The exchange has also launched the Binance Card App for the card on both iOS and Android. After downloading this app, users will then be required to log in to their Binance accounts by completing a simple verification procedure. The app allows users to track their spending, change the pin associated with the debit card as well as spend their crypto seamlessly.
Binance CEO Changpeng Zhao reiterated the exchange’s mission to boost mass crypto adoption by creating a win-win situation for both merchants and users.