Dorothy Reyes
Binance and Ingenico have recently come together to offer customers in France the ability to make in-store payments through Binance Pay.
The acceptance of mainstream crypto and crypto-related offerings is ongoing, as more companies create links between traditional financial solutions and decentralized financial solutions.
On February 22nd, Binance and Ingenico revealed their new program in which holders of cryptocurrency can make in-store payments using Binance Pay. This pilot offering is only available in France so far, and utilizes Ingenico Axium payment terminals.
As outlined in the announcement, the program supports over 50 different cryptocurrencies. At first, those who participate will be paid in cryptocurrency, but a plan to trial a system which converts crypto into fiat payments is planned to commence in the second quarter of 2023.
The France pilot will start up with two businesses, Le Carlie and Miss Opéra, in the service and retail industries.
Binance has already obtained approval to operate in France, Italy, Lithuania, Spain, Cyprus, Poland and Sweden, and will be expanding service to more European countries soon.
Generally, stores need to go through a setup process in order to utilize cryptocurrencies. However, this new technology offers a streamlined "all-in-one" approach which promises to simplify using cryptocurrencies for businesses and shoppers alike.
Jonathan Lim, the leader of Binance Pay and Binance Card, referred to the all-in-one device as a fresh way to penetrate the market and declared that it would quicken access to customers.
During the past year, Binance has developed multiple payment solutions across the globe. Following a successful launch of a prepaid crypto card in Argentina in August 2022, Binance has recently partnered with Mastercard to launch the same card in Brazil.
Other firms have also looked to connect Web2 and Web3 payment systems. On February 10th, Bit2Me declared a collaboration with Mastercard to create a debit card that gives crypto cash back rewards.