Widespread adoption of crypto and crypto-based services continues as more companies link traditional financial solutions (TradFi) with decentralized financial solutions (DeFi).
In a February 22 announcement, a new pilot program launched between Binance Payments Solutions and Ingenico now enables in-store crypto payments through Binance Pay. Currently, the first test of this offer 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, traders will be paid in cryptocurrency. However, a crypto-fiat solution in which merchants are paid in fiat is expected to be piloted in the second quarter of 2023.
The France pilot is launched with two traders, Le Carlie and Miss Opéra, in the hospitality and retail sectors.
Other European countries, where Binance is a licensed crypto operator, are next on the list for service expansion. Currently, Binance has been licensed as an operator in France, Italy, Lithuania, Spain, Cyprus, Poland, and Sweden.
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Typically, in-store devices require some form of onboarding in order to start using cryptocurrencies. However, the new solution claims to be an “all-in-one” device, making the onboarding process easier for merchants and consumers.
Jonathan Lim, Head of Binance Pay and Binance Card at Binance, called the all-in-one device a “new way to approach the market” and that it will “accelerate access to consumers”.
Over the past 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, having successfully done so in Argentina last August.
Other companies have also attempted to bridge the gap between Web2 and Web3 payment systems. On February 10, Bit2Me announced a partnership with Mastercard to launch a debit card that offers crypto cashback.