Binance launches crypto-fiat card with cashback on the European market

Users who have BNB cryptocurrency on their accounts will be able to benefit from cashback.

Visa cards from the popular digital asset exchange Binance have become available to European users of the platform. In addition to the full-fledged launch, the company’s representatives offered their customers cashback up to 7%. Information about this appeared in the project blog.

According to Binance, the debit card is available “to every user in the European Economic Area.” With the help of plastic, platform users will be able to pay in cryptocurrency wherever Visa is accepted. Project representatives claim that there are more than 60 million such locations in the world. At the time of calculation, the system will convert the cryptocurrency from the user’s Binance account into local fiat.

Also, the connection of the card to GooglePay and Samsung Pay is an additional advantage. There is no information about Apple Pay. When Binance representatives were asked to clarify if they plan to add this payment method, no answer followed. At the time of publication of the news, no response was received.

The Binance team drew attention to the fact that they do not plan to charge any fees from their card users. Transactions in euros, according to the blog, are free from fees. At the same time, representatives of the exchange clarify that users may face commissions from third parties.

Binance’s cashback program consists of several tiers. They depend on the amount of BNB – the cryptocurrency of the exchange – in the user’s account. For example, in order to get the maximum cashback of 7%, at least 6 thousand BNB (about $ 160 thousand, at the current exchange rate) must be stored in the cardholder’s wallet.

The Binance team has launched a project to issue crypto-fiat cards in cooperation with the fintech startup Swipe.
Notably, Binance is not the only crypto company to issue crypto-fiat cards. Previously, an offer to order similar plastic appeared from another popular digital asset exchange – Coin

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