Ingenico has signed a strategic partnership with Binance to offer an in-store cryptocurrency payments with the first pilot deployed in France.
Binance and Ingenico begin crypto payments
The partnership is a major step in the adoption of cryptocurrency payments. The solution, now available on Ingenico’s AXIUM payment terminals, is designed to accept more than 50 cryptocurrencies.
Currently, the majority of in-store cryptocurrency payment solutions require an additional device or the execution of an integration by the merchant, while this solution allows merchants to have an “all-in-one” device.
The partnership allows 120 million Binance users to pay in cryptocurrencies at physical points of sale. In addition, merchants can easily accept payments in cryptocurrencies, using Ingenico payment terminals, the largest base of payment terminals installed in the world, according to the company.
Binance is currently the only cryptocurrency company to be regulated in many countries, such as France, Spain, Italy, Sweden, Dubai, Japan, etc. The partnership is expected to allow reach to a wider audience in regulated countries and have a significant impact on the future of in-store payments.
This cryptocurrency payment solution will first be deployed in France, as part of a pilot, with two catering (Le Carlie) and retail (Miss Opéra) merchants.
Cryptocurrency payments will also soon be deployed in Europe, in countries where cryptocurrencies and Binance have been regulated, thanks to the integration of Binance Pay into Ingenico payment terminals.
The partnership is broken down into several stages.
This first step will allow merchants to be paid in cryptocurrencies. In parallel, Ingenico and Binance are currently developing a crypto-to-fiat payment solution, which will be tested in Q2 2023, so that merchants can be paid in fiat currency.
“One of the major advantages of this partnership is that it offers companies a new approach to the market,” says Jonathan Lim, Director of Binance Pay and Binance Card.
“Their dominant position in the market and their innovative payment solutions allow us to accelerate our access to consumers, without having to create our own terminals or software.”
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