Adoption of cryptocurrencies and services based on cryptocurrencies is continuing to gain traction, with an increasing number of businesses bridging the gap between conventional financial (TradFi) solutions and decentralized financial (DeFi) solutions.
Binance, a cryptocurrency exchange, and Ingenico, a provider of credit card processing services, jointly announced on February 22 the start of a new pilot program that enables in-store cryptocurrency payments to be made using Binance Pay. At present time, the beta version of this service is only accessible via the Ingenico Axium payment terminals that are located in France.
The statement states that the application is compatible with more than fifty different cryptocurrencies. In the beginning, payments to merchants will be made using a cryptocurrency. However, in the second quarter of 2023, a crypto-to-fiat solution that will enable businesses to accept payments in fiat currency is scheduled to pilot.
Le Carlie and Miss Opéra, two merchants operating in the hotel and retail industries respectively, are coming online as part of the France trial.
The following nations on the agenda for service expansion are going to be more European countries where Binance is a licensed cryptocurrency operator. Binance has been granted authorization to do business in the countries of France, Italy, Lithuania, Spain, Cyprus, Poland, and Sweden.
To begin using cryptocurrencies, in-store devices will often need some type of integration before they can be used. On the other hand, the new solution claims that it is a “all-in-one” gadget, which simplifies the onboarding process for both retailers and customers.
Binance Pay and Binance Card’s Head Jonathan Lim referred to the all-in-one gadget as a “new method to approach the market” and said that it would “accelerate access to customers.”
Binance has been working on a variety of global payment options over the course of the last year. It just just formed a partnership with Mastercard to provide a prepaid crypto card in Brazil, after a successful launch of the product in Argentina in August of 2022.
There have also been efforts made by other businesses to bridge the gap between the Web2 and Web3 payment systems. The announcement of the cooperation between Bit2Me and Mastercard to introduce a debit card that delivers bitcoin rewards was made on February 10th.