Binance Card (VISA) now available to European users. Up to 8% cashback.
Last Updated on 20 September 2020 by CryptoTips.eu
Residents of the European Union (EU) are finally able to use the Binance VISA debit card. Binance announced this development on its blog where it offered details about its latest payment method for the European region.
Users will be able to get up to 8% returns for purchases in Binance Coin (BNB) with no maintenance fees. This makes it the top crypto platform that reimburses users for making deposits on their platform. The actual cashback is based on the amount of BNB you hold anywhere in your account.
Crypto.com also announced that they raise their cashbacks for the two top tier cards, effective in October 2020.
Binance and VISA mutual partnership
It should be noted that the alliance between these two companies is seen as one of the most biggest in the crypto space. Binance is one of the largest exchanges in the world and is usually the pioneer of new developments that becomes adopted industry wise. Read more about this exchange in our Binance review.
The Binance Card works like any debit card. The fundamental difference is that you can use the crypto debit card to spend your cryptocurrencies.
Some of the cryptocurrencies that can be used are BTC, BNB, SXP, and BUSD. The important thing about this for cryptocurrencies is that anywhere Visa cards are accepted, this card can be used with digital currencies.
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Another novelty of these cards is that they recently joined other electronic payment services. For example, Google Pay and Samsung Pay. This means that, to the same extent that Visa’s usability spectrum expands, that of cryptocurrencies also expands. In the same way, the fees with the use of these services are free.
Transformation into fiat
One of the most important characteristics of the Binance Card is that they transform the balance into fiat. In other words, when a user with funds in Bitcoin or another cryptocurrency, makes a purchase with the card, his crypto balance is automatically transformed into local money.
This novel fact allows the Binance Card to be used in the 600 million places around the world where Visa is accepted. This conversion is done by means of Swipe’s technology , which enables:
A frictionless user experience for merchants.
