Binance, the world's largest cryptocurrency exchange, has teamed up with Ingenico, a credit card service company, to pilot a new program that allows in-store crypto payments via Binance Pay. This new payment method will enable customers to use cryptocurrencies to make purchases at participating merchants, making it easier for consumers to access and use digital assets.
The pilot program is currently available on Ingenico Axium payment terminals in France and is being launched with two merchants, Le Carlie and Miss Opéra, in the hospitality and retail sectors.
The program accepts more than 50 cryptocurrencies, making it a versatile payment solution for consumers. Initially, merchants will be paid in cryptocurrency, but a crypto-to-fiat solution allowing merchants to receive fiat payments is set to pilot in Q2 of 2023.
The device used in the pilot program is an all-in-one device that requires no integration, making it easy for merchants to begin accepting crypto payments. This device will enable merchants to expand their payment options and provide customers with a seamless payment experience.
Jonathan Lim, head of Binance Pay and Binance Card, sees the device as a "new way to approach the market" and believes it will "accelerate access to consumers." Additional European countries, where Binance is an approved crypto operator, are next on the list for service expansion. Binance is currently approved to operate in France, Italy, Lithuania, Spain, Cyprus, Poland, and Sweden.
Binance has been working on various payment solutions worldwide over the last year. It recently partnered with Mastercard to launch a prepaid crypto card in Brazil after successfully launching it in Argentina in August 2022. The company is committed to making crypto more accessible to consumers and believes that its new payment solution will be a major step towards achieving that goal.
Other companies are also trying to bridge the gap between Web2 and Web3 payment systems. On Feb. 10, Bit2Me announced a partnership with Mastercard to launch a debit card that offers crypto cashback. As the cryptocurrency industry continues to grow, more companies are expected to develop new payment solutions that make it easier for consumers to use digital assets for everyday transactions.
In conclusion, the new pilot program between Binance and Ingenico is an important step towards making cryptocurrency more accessible to consumers. By enabling in-store crypto payments, the program will expand the use case for digital assets and make it easier for merchants to accept them as payment. As the cryptocurrency industry continues to evolve, more payment solutions are expected to emerge, making it easier for consumers to use digital assets for everyday transactions.
