The adoption of cryptocurrencies and services based upon cryptocurrencies continues to gain momentum with increasing numbers of businesses trying to bridge the gap between traditional financial (TradFi), and decentralized financial solutions (DFI).DeFi) solutions.
Binance, a cryptocurrency exchange and Ingenico (a provider of credit-card processing services), jointly announced the launch of a pilot program that allows in-store cryptocurrency payments using BinancePay. This beta version is currently only accessible through Ingenico Axium French payment terminals.
The statement says that the application works with over fifty different cryptocurrency. At first, merchants can pay using cryptocurrency. In the second quarter of 2023 however, a crypto to fiat solution will be piloted that will allow merchants to accept payments in fiat currencies.
Le Carlie and Miss Opéra, two merchants operating in the hotel and retail industries respectively, are coming online as part of the France trial.
These are the countries that Binance has licensed cryptocurrency operators. Binance has been authorized to do business with the following countries: France, Italy. Lithuania. Spain. Cyprus. Poland.
In-store devices often require integration to allow them to start using cryptocurrency. However, the new solution claims to be an “all in one” solution that simplifies both the onboarding process and the experience for customers and retailers.
Jonathan Lim, Binance Pay and Binance Card Head, referred to the all in one gadget as a “new way to approach the market” and stated that it would “accelerate customer access.”
Binance has been working to develop a range of global payment options for the past year. After launching the product in Argentina in August 2022, Binance just announced a partnership agreement with Mastercard to offer a prepaid cryptocurrency card in Brazil.
Other businesses have also attempted to bridge the gap between Web2 and Web3 payments systems. The February 10th announcement about Bit2Me’s cooperation with Mastercard was made. It will allow for a debitcard that rewards bitcoin.
