The cessation, set for Sept. 22, will not affect Mastercard’s other crypto card programs, the news agency added.
Binance and Mastercard forged the partnership allowing users to convert cryptocurrency into fiat currency with the ability to earn up to 8% cash back in crypto, depending on the purchase. Merchants still received fiat currency, while customers used their crypto as a means of payment which was intended to bolster broader crypto adoption.
Crypto card program
Argentina became the first country to adopt the Binance crypto card program in August of 2022. The country’s high inflation rate had consumers looking at alternative payment options such as cryptocurrency.
Mastercard did not immediately respond to a request for comment from The Block.