Feb 23, 2023

Binance & Ingenico Launch In-Store Crypto Payments Pilot in France

The crypto space continues to expand and evolve, with new solutions being developed to bridge traditional financial (TradFi) solutions with decentralized financial (DeFi) solutions.

On Feb. 22, a pilot program was launched between the crypto exchange, Binance and credit card service company Ingenico, allowing in-store crypto payments via Binance Pay. This initial test is available on Ingenico Axium payment terminals in France.

According to the announcement, the program accepts over 50 different cryptocurrencies. Initially, merchants will be paid in cryptocurrency; however, a crypto-to-fiat solution allowing merchants to receive fiat payments is set to pilot in Q2 2023.

The France pilot has two merchants, Le Carlie and Miss Opéra, in the hospitality and retail sectors. Binance is approved to operate in France, Italy, Lithuania, Spain, Cyprus, Poland and Sweden, and other European countries are next on the list for service expansion.

The new solution is an “all-in-one” device, making onboarding easier for merchants and consumers. Jonathan Lim, head of Binance Pay and Binance Card, said the all-in-one device is a “new way to approach the market” and will “accelerate access to consumers.”

Binance has been working on various payment solutions worldwide. It recently partnered with Mastercard to launch a prepaid crypto card in Brazil after successfully launching it in Argentina in August 2022.

Other companies have also tried to bridge the gap between Web2 and Web3 payment systems. On Feb. 10, Bit2Me announced a partnership with Mastercard to launch a debit card that offers crypto cashback.

The crypto space is rapidly evolving, and more companies are investing in crypto-based solutions to meet the needs of both merchants and consumers. NFTs and crypto-based promotions are becoming increasingly popular as a way to engage customers and drive sales. NFT marketing agencies are emerging to help companies promote their NFTs, and Twitter NFT marketing is becoming an effective way to reach new audiences.

Additionally, web3 agencies are helping companies build and launch their own DeFi solutions for the crypto space. With the increasing demand for crypto-based services, more companies are looking to selling NFTs as a way to generate revenue.

As the crypto space continues to expand, more companies are finding innovative ways to bridge the gap between traditional financial services and decentralized financial services. With the launch of Binance Pay and other solutions, merchants and consumers are able to access crypto-based services, allowing them to make purchases with cryptocurrency.

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