The mainstream adoption of crypto and crypto-based services continues, as more companies are bridging traditional financial (TradFi) solutions with decentralized financial (DeFi).
In an announcement on Feb. 22, a new pilot program launched between Binance and Ingenico payment solutions now allows in-store crypto payments via Binance Pay. Currently, the initial test of this offering is only available on Ingenico AXIUM payment terminals in France.
According to the announcement, more than 50 cryptocurrencies will be accepted with this program. Initially, merchants will be paid in cryptocurrency. However, a crypto-to-fiat solution in which merchants are paid in fiat is set to pilot in Q2 of 2023.
The France pilot is going live with two merchants, Le Carlie and Miss Opéra, in the hospitality and retail sectors.
Additional European countries, where Binance is an approved crypto operator, are next on the list for service expansion. Currently, Binance has been approved as an operator in France, Italy, Lithuania, Spain, Cyprus, Poland and Sweden.
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Typically in-store devices require some form of integration in order to begin utilizing cryptocurrencies. However, the new solution claims to be an “all in one” device, making the onboarding process easier for both merchants and consumers.
Jonathan Lim, Head of Binance Pay and Binance Card of Binance called the all-in-one device a “new way to approach the market” and that it will “accelerate access to consumers.”
Over the last year, Binance has been actively working on various payment solutions around the world. It recently partnered with Mastercard to launch a prepaid crypto card in Brazil, after it had successfully done so in Argentina last August.
Other companies have also been trying a hand at bridging 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.