The adoption of mainstream crypto and crypto services continues bridging multiple companies traditional financial (TradFi) solution with decentralized financial (DeFi) solutions.
In a February 22 announcement, a new pilot program launched between crypto exchange Binance and credit card company Ingenico enables in-store crypto payments through Binance Pay. Currently, the initial test of this offer is only available at Ingenico Axium payment terminals in France.
According to the announcement, the program accepts more than 50 cryptocurrencies. Initially, merchants will be paid in cryptocurrency; however, a crypto-fiat solution that allows merchants to accept fiat payments is set to pilot in Q2 2023.
The France pilot will live with two merchants, Le Carlie and Miss Opéra, in the hospitality and retail sectors.
Other European countries where Binance is an approved crypto operator are next on the list to expand services. Binance is approved to operate in France, Italy, Lithuania, Spain, Cyprus, Poland and Sweden.
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In-store devices usually require some form of integration in order to start using cryptocurrencies. But the new solution claims to be an all-in-one device that makes it easy for merchants and consumers to sign up.
Jonathan Lim, head of Binance Pay and Binance Card, called the all-in-one device “a new way to go to market” and said it will “accelerate access to consumers.”
Over the past year, Binance has been working on various payment solutions around the world. That recently in collaboration with Mastercard after successfully launching a prepaid crypto card in Brazil launch in Argentina in August 2022.
Other companies have also tried to bridge the gap between Web2 and Web3 payment systems. 10th of February Bit2Me Announces Partnership With Mastercard launch a debit card that offers crypto cashback.