Cryptocurrency exchange Binance has partnered with French payments giant Ingenico to allow in-store payments in France and improve global crypto adoption.
Binance announced that it partnered with Ingenico, a global payment solutions firm, to make it easier for users to pay in-store using Binance Pay. Per a press release from Ingenico, the initial test of this new partnership is only available on Ingenico Axium payment terminals in France and accepts over 50 cryptocurrencies. The pilot is going live with two merchants in France, Le Carlie, and Miss Opéra.
Crypto payments just got easier in France 🇫🇷We’ve recently partnered with @ingenico, a global payment solutions provider, to enable users to pay in crypto through #Binance Pay. Another milestone for global crypto adoption 🤝 pic.twitter.com/S8f8Pab7nW
— Binance (@binance) February 22, 2023
Michel Léger, Executive Vice President for Innovation and Global Solutions at Ingenico, said:
As a leading payment ecosystem accelerator, we are excited to partner with up-and-coming brands like Binance to bring cryptocurrency payments to retail for consumers around the world. Ingenico, which strives to create solutions adapted to the modern world of payments, partners with experts to ensure that consumers benefit from a smoother transaction process, whatever their method of payment.
Other European countries where Binance has a license to operate are next on the list for service expansion. This includes Italy, Lithuania, Spain, Poland, Cyprus, and Sweden.
Ingenico’s press release further states that most crypto payment solutions require an additional device or the execution of an integration by the merchant to operate. The partnership between Binance and Ingenico will circumvent this problem and allows merchants to have an “all-in-one” device.
Ingenico explained the benefit of the partnership with Binance and said:
This solution will provide customers and merchants with a simple and secure transaction experience. Merchants equipped with Ingenico payment terminals and cryptocurrency holders using the Binance wallet will be able to carry out transactions directly. This solution will automatically offer an exchange rate, which will be blocked for a few minutes, allowing a fast and smooth user experience.
This 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 the second quarter of 2023, so that merchants can be paid in fiat currency.
Jonathan Lim, Director of Binance Pay and Binance Card also commented on the benefit of this partnership:
One of the major advantages of this partnership is that it offers companies a new approach to the market. 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.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.