Ingenico, the company focused on payment acceptance solutions, has just signed a strategic partnership with Binance, the largest exchange for digital assets, “to offer an in-store cryptocurrency payment acceptance solution.”
The first pilots have “been deployed in France.”
This partnership is “a major step in the adoption of cryptocurrency payments.”
This solution, now “available on Ingenico’s AXIUM payment terminals, is designed to accept more than 50 cryptocurrencies.”
Currently, the majority of in-store cryptocurrency payment solutions require “an additional device or the execution of an integration by the merchant, while this solution allows merchants to have an ‘all-in-one’ device.”
This partnership between these two major industry players “allows consumers to pay in cryptocurrencies at physical points of sale, thanks to the power of Binance, the largest cryptocurrency platform in the world, with more than 120 million users.”
In addition, this partnership “allows merchants to easily accept payments in cryptocurrencies, using Ingenico payment terminals, the largest base of payment terminals installed in the world.”
As noted in the update, Binance claims it is “the only cryptocurrency company to be regulated in many countries, such as France, Spain, Italy, Sweden, Dubai, Japan, etc.”
This partnership between two industry participants will “reach a wider audience in regulated countries and have a significant impact on the future of in-store payments.”
The two companies have partnered “to create this new retail use case, taking cryptocurrency from an online investment to real-life applications, in-store cryptocurrency payment. online cryptocurrency investors are clamoring to be able to spend their cryptocurrency wallet at physical outlets.”
The combined expertise of Ingenico and Binance will “enable the necessary technology to be put in place to anticipate this market trend.”
This cryptocurrency payment acceptance solution will first be “deployed in France, as part of a pilot, with two catering (Le Carlie) and retail (Miss Opéra) merchants.”
This cryptocurrency payment solution “will also soon be deployed in Europe, in countries where cryptocurrencies and Binance have been regulated, thanks to the integration of Binance Pay into Ingenico payment terminals.”
By using this solution, merchants equipped with Ingenico payment terminals “will be able to accept more than 50 cryptocurrencies, which are part of the Binance Pay ecosystem, as a new payment method.”
Meanwhile, users who hold their cryptocurrency at Binance “will be able to take advantage of this new in-store use case.”
By accepting cryptocurrency payments, merchants will “be able to increase consumer loyalty by creating shopping experiences based on their preferences, as 93% of cryptocurrency holders said they would consider using cryptocurrencies to make purchases if this option was offered to them.”
