• Binance and Ingenico have launched a new pilot program in France that allows payments via Binance Pay.
• Merchants can accept more than 50 cryptocurrencies, with crypto-to-fiat solutions set to launch in Q2 of 2023.
• The partnership is part of a global effort to bridge traditional and decentralized financial solutions.
Binance Launches Pilot Program for In-Store Crypto Payments
Binance, the largest cryptocurrency exchange by traded volume, has partnered with credit card service company Ingenico to launch a pilot program that allows crypto payments in stores across France. Through this partnership, merchants will be able to accept more than 50 cryptocurrencies as payment via Binance Pay, with a crypto-to-fiat solution launching in Q2 of 2023. This program is part of an ongoing effort to bridge traditional and decentralized financial solutions.
Crypto Adoption Continues To Grow Worldwide
The launch of this program is yet another example of mainstream adoption of cryptocurrencies and associated services globally. Companies like Bit2Me have also recently partnered with Mastercard to launch debit cards offering crypto cashback rewards. These initiatives are slowly bridging the gap between Web 2 and Web 3 payment systems, making it easier for consumers and merchants alike to use and accept digital currency payments.
Initial Test Only Available In France
Currently, the pilot program is only available on Ingenico Axium payment terminals located in France, where Binance has been approved as an official crypto operator. Two merchants from the hospitality and retail sectors – Le Carlie and Miss Opéra – are currently testing out this service as part of the initial trial phase.
All-in-One Device Makes Onboarding Easier
Typically, integrating devices into stores requires some form of integration; however, the new solution offered by Binance promises an “all-in-one” device that makes onboarding simpler for both merchants and consumers alike. According to Jonathan Lim, Head of Binance Pay & Card: “We believe our all-in-one device will serve as a new way to approach the market which not only accelerates access to consumers but also simplifies overall experience.”
Expansion Plans For Other European Countries
Following its success in France, Binance plans on expanding this service into other countries within Europe where it has been approved as an official crypto operator – including Italy, Lithuania, Spain Cyprus Poland Sweden etcetera. With these types of partnerships becoming increasingly commonplace within Europe alone it’s clear that cryptocurrency adoption is continuing at an accelerated rate worldwide