France pilots in-store crypto payments as Binance partners with Ingenico
The proliferation of cryptocurrencies and cryptographic services continues, with more companies merging traditional financial (TradFi) solutions with decentralized finance (DeFi) solutions.
In a Feb. 22 announcement, a new pilot program launched between the cryptocurrency exchange, Binance, and credit card company Ingenico enables in-store crypto payments via Binance Pay. Currently, the initial test of this offer is only available on Ingenico Axium payment terminals in France.
According to the announcement, the program accepts over 50 cryptocurrencies. Initially, merchants will be paid in cryptocurrency; however, a crypto-to-fiat solution will be launched in the second quarter of 2023, allowing merchants to receive payments in fiat currency.
A pilot project in France will be launched with two retailers, Le Carlie and Miss Opéra, in the hospitality and retail sectors.
Other European countries where Binance is an approved crypto operator follow the list for expanding services. Binance is approved to operate in France, Italy, Lithuania, Spain, Cyprus, Poland, and Sweden.
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Typically, in-store devices require some integration to start using cryptocurrencies. However, the new solution claims to be an all-in-one device, making it easier for merchants and consumers to adopt.
Jonathan Lim, Head of Binance Pay and Binance Card, called the all-in-one device a “new way to market” and said it would “speed up access to consumers.”
Over the past year, Binance has been working on various payment solutions around the world. It recently partnered with Mastercard to launch a prepaid cryptocurrency card in Brazil following a successful launch in Argentina in August 2022.
Other companies have also tried to bridge the gap between Web2 and Web3 payment systems. On February 10, Bit2Me announced a partnership with Mastercard to launch a debit card offering cryptocurrency cashback.
Credit : cointelegraph.com