Binance MENA to offer crypto cards with MasterCard as part of 90 million stores initiative

Binance MENA to offer crypto cards with MasterCard as part of 90 million stores initiative

On August 23rd 2022,  Michael Miebach the CEO of MasterCard posted on LinkedIn, “We can unlock the full potential of blockchain technology when we make it easier to access and easier to use. One way we do that is by bringing crypto to everyday purchases. To make that a reality, we’re working with Binance to let people use their crypto to make purchases at 90 million stores that accept MasterCard. We are launching this work in Argentina with plans to expand from there.” 

It seems that the expansion will be in the MENA region and come very soon.

So as mentioned, MasterCard and Binance will start offering customers the opportunity to pay for items with their Bitcoin and BNB, using a Binance Card. A prepaid card, that bridges crypto and fiat currencies, in Argentina. The plan is to then roll out this offer to include 90 million stores worldwide.

The Binance Card can be used by anyone with a valid national ID to pay bills and make purchases with the card, using their Bitcoin and BNB holdings.

The first stop was Argentina launched earlier in August 2022, with speculations that the USA, and Venezuela or other countries that are big on crypto would be next.

But it seems that expansions could actually start in the MENA region. Richard Teng, Binance regional Head of MENA also posted on LinkedIn two days after Michael and stated, “Excited to announce our partnership with MasterCard on crypto cards and payment. Introducing this soon in MENA. Watch this space….”

This clearly indicates that the next stop for the Binance MasterCard partnership will be in MENA and most probably in the UAE. The UAE has one of the most forward looking crypto regulations globally as well as being the third biggest crypto user base in MENA.

In January 2022 a report published by TripleA cryptocurrency Payments Company, showed that Morocco topped the Arab countries in terms of crypto owners or users followed by Egypt, UAE, and then KSA. The report stated that in 2021 global crypto ownership was estimated at an average of 3.9 percent, 300 million crypto users and 18,000 businesses already accepting crypto payments.

Blockchain RippleNet to power remittance service between Qatar and Philippines

Blockchain RippleNet to power remittance service between Qatar and Philippines

Qatar National Bank (QNB) has launched a direct remittance service powered by Blockchain RippleNet. The remittance service will offer money transfers from Qatar to Philippines connecting through China Bank.

China Bank is one of the leading private banks in the Philippines.

RippleNet is a financial technology powered by leading enterprise blockchain and crypto solutions provider. The new service will provide the Bank’s customers with a convenient remittance experience and a fast cross-border money transfer solution.

The service, which mainly targets Philippine nationals in Qatar, will allow them to make fund transfers  up to PHP 50,000 to any bank in the Philippines in real- time. All transactions above PHP 50,000 sent prior to the cut off time (3pm Manila time during working days)      will be credited on the next working day.

Adel Al-Malki, General Manager QNB Group Retail Banking, said: “QNB has always been pioneer financial technology accelerator in Qatar and the region. Our partnership with Ripple will provide our customers with a frictionless and safe experience to send funds in a way that fits their lifestyle.”

Navin Gupta, Managing Director, South Asia & MENA at Ripple said: “QNB is our biggest partner in the MENA region and we are delighted to continuously strengthen this partnership on RippleNet to additional countries. The Philippines is one of the largest remittance receivers globally, and we are pleased to be connecting QNB with China Bank to process remittances from Qatar to Philippines via RippleNet. ”

Binance enables Dubai Hotel with crypto payment gateway

Binance enables Dubai Hotel with crypto payment gateway

In a recent article Binance announced that it had enabled a Dubai Hotel to offer crypto payment facilities. The hotel in question is the Manor by JA resorts located in Al Furjan. As per the article the The Manor hotel is settling payments in BNB (Binance coin), Bitcoin and Ethereum through Binance crypto to crypto payment gateway.

As per Mohammed Hanif Al Qassim, Managing Partner of The Manor Hotel, “Virtual assets go in line with The Manor’s vision for sustainability and digital transformation, considering its position among top eco-friendly boutique hotels in Dubai.”

Richard Teng, Regional Head of MENA at the crypto-platform, “Binance has been actively engaging established local businesses and institutions to further increase the adoption of crypto for our users and the crypto community as a whole. Our partnerships with leading, innovative businesses, such as JA are in line with our vision to enhance crypto adoption across the region.”

Prior to this Property developers and Hotel managers such as DAMAC also announced they would be accepting crypto payments. UAE DAMAC Properties is accepting crypto payments either Bitcoin or Ethereum.

Even UAE Property firm Your place partnered with Utrust, a cryptocurrency payment solution designed to modernize the finance and payments industry offers clients the ability to pay for properties in Dubai UAE using cryptocurrencies.