Ingenico, a payment solutions provider, has teamed up with Binance, a cryptocurrency company, to offer in-store cryptocurrency payments through Ingenico’s AXIUM payment terminals. The partnership is a significant move towards the adoption of cryptocurrency payments and is expected to have a significant impact on the future of in-store payments. The first implementation of this solution will take place in France.
Partnership Details
The solution, which is now available on Ingenico’s AXIUM payment terminals, can accept more than 50 cryptocurrencies. Ingenico’s payment terminals are the largest base of payment terminals installed in the world, which makes it easier for merchants to accept payments in cryptocurrencies. The partnership will allow 120 million Binance users to pay in cryptocurrencies at physical points of sale.
The first deployment of this cryptocurrency payment solution will take place in France as part of a pilot. Two catering and retail merchants will participate in the pilot program. The next deployment will take place in Europe, where cryptocurrencies and Binance have been regulated. The integration of Binance Pay into Ingenico payment terminals will allow merchants to accept payments in cryptocurrencies.
Benefits of the Partnership
Jonathan Lim, Director of Binance Pay and Binance Card, says, “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 terminals or software.” The partnership will allow merchants to be paid in cryptocurrencies initially. Later, Ingenico and Binance will develop a crypto-to-fiat payment solution, which will be tested in Q2 2023. This solution will enable merchants to be paid in fiat currency.
In summary, Ingenico’s partnership with Binance to offer in-store cryptocurrency payments through Ingenico’s AXIUM payment terminals is a significant step towards the adoption of cryptocurrency payments. This payment solution is designed to accept more than 50 cryptocurrencies, which eliminates the need for an additional device or integration by the merchant. The partnership will enable merchants to accept payments in cryptocurrencies and allow Binance users to pay in cryptocurrencies at physical points of sale. The partnership will first be deployed in France as part of a pilot, followed by other European countries where cryptocurrencies and Binance have been regulated.
