OKX Introduces Mastercard Debit Card in Brazil for Crypto Payments

OKX launched a Mastercard debit card in Brazil on Thursday, its first in Latin America, giving users the option to spend cryptocurrency through the Mastercard network.
The company said cardholders can make purchases in local currency while their crypto balances are converted automatically at the time of payment.

How the Card Works

The new OKX Card is linked to a user’s crypto account. Brazilian users can load the card with local currency (reais), which OKX converts automatically into U.S. dollar–based stablecoins. When a payment is made, Mastercard processes the transaction and the exchange deducts the equivalent amount from the customer’s balance.

Balances held in stablecoins earn up to 10% annual yield, OKX said.
The card also works with Pix, Brazil’s instant digital payment platform, enabling fast transfers between OKX accounts and local wallets.

Brazil Becomes a Test Ground for Crypto Payments

Brazil has become one of the most active markets for digital payments tied to cryptocurrencies. Its clear regulatory framework and widespread use of Pix make it attractive for exchanges offering crypto payment options.

By launching the card in Brazil, OKX is focusing on a country where digital currency use extends beyond investment — where crypto is often used for remittances and daily purchases.

Visa and Mastercard Dominate Issuer Partnerships

OKX chose Mastercard for its card program. Both Mastercard and Visa run dedicated frameworks that allow crypto exchanges to issue branded cards, but each operates differently.

Mastercard typically requires exchanges to hold larger reserve funds to guarantee liquidity and transaction coverage. Visa’s requirements are lighter, making it faster to launch but with fewer compliance safeguards.

Exchanges select their partner depending on capital capacity and local regulations. Binance, for example, previously issued a Visa prepaid card in Europe but later shifted to Mastercard when introducing its Brazilian program.

Why Exchanges Issue Cards

Crypto payment cards simplify spending digital assets without converting them to fiat manually.
When a cardholder pays, the exchange automatically sells the equivalent amount of crypto to cover the transaction.

This approach gives exchanges an additional way to keep users active on their platforms while offering customers a practical way to access their balances anywhere traditional cards are accepted.

OKX Looks to Expand Its Card Program Beyond Brazil

OKX said Brazil will be the first market for its Mastercard debit card, with plans to introduce the product in other Latin American countries once it assesses user demand and regulatory conditions.

The exchange said it chose Brazil because of the country’s established digital payment systems and high adoption of electronic transfers through Pix, which makes integration with crypto-linked cards easier.

Company officials said local feedback will guide how the card is adapted for additional markets in the region.

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