How Binance Debit Card Could Spur Its Dominance of Market Share

Ever tried paying with cryptocurrency after shopping online! It can be quite stressful.


You would have to first exchange your crypto for fiat currency then wait for the equivalent amount in your local bank account. Alternatively, you could also engage services that support direct crypto payment method for certain merchants or make payments on your behalf and take the equivalent crypto from you. Either of these payment methods can be time-wasting, inconvenient and expensive.


A new alternative is the use of crypto cards which is what Binance is offering.


Binance Debit Card - An Introduction

On the 26th of March 2020, Binance announced its entry into the debit card sector. This debit card will be issued by Visa and will first be made available to users in the South Eastern axis of Asia, then other regions will follow suit.


Binance debit cards will allow users to load their choice cryptocurrency on their Binance accounts and make direct crypto payments at any online and in-store Visa supported pay point worldwide. The crypto debit card offers much more than traditional debit cards, according to reports.


 It will be recognised and accepted by over 46 million merchants both online and offline in 200 regions of the world. This will no doubt make shopping online with your cryptocurrency a walk in the park.


Are you shopping for gifts and groceries, paying utility bills, or whatever! The Binance crypto debit card eliminates the need to first make fiat conversions before paying your bills. Just like regular bank debit cards, you can keep HODling and also spend only as much as you want to per time.


At the moment, the beta version of the Binance card is already been rolled out as a virtual card, with its initial release set to occur in Malaysia at one-off cost of $15. A physical card will then be made available to new and existing users around the world in the coming weeks. Enthusiasts can register their interest on the card’s landing page and they’ll be notified as soon as its accessible in their region.


What next for Binance Market Share?

The leadership at Binance have always stated their intentions to revolutionize and disrupt global traditional finance system as we know it. The introduction of the crypto debit card typifies a natural evolution of that intention.


Binance has employed a competitive market price strategy which will ensure its dominance of market share. Apart from the fact that the Binance crypto card comes cheaper than other available alternatives such as Paycent ($49) and Crypterium ($50), it also offers zero monthly/yearly charges.


Payments have always been an apparent use case for digital currencies, but adoption has been quite slow. Just a few persons have crypto and merchants are not obliged to accept them because there are no incentives.


In the Press statement released in March, Binance informed users that could fund their crypto cards with BTC and BNB via the Binance Card App to settle their payments. The ingenuity behind this is based on the potential widespread adoption of cryptocurrencies; in particular, the bitcoin (BTC). Of course, If the Binance crypto card gains more popularity, crypto acceptance becomes massive and in turn, Binance expands it share of market dominance.


Going forward, the use of the Binance card will let users settle payments using any crypto they wish and merchants get fiat currency in return.