The mainstream adoption of crypto and crypto-based services continues, as more companies combine traditional financial solutions (TradFi) with decentralized finance (DeFi).
In an announcement on February 22, a new pilot program launched between Binance and Ingenico payment solutions now allows in-store crypto payments through Binance Pay. Currently, the initial test of this offer is only available at Ingenico AXIUM payment terminals in France.
According to the announcement, more than 50 cryptocurrencies will be accepted with this program. First, traders will be paid in cryptocurrency. However, a crypto-to-fiat solution where traders are paid in fiat is set to pilot in Q2 2023.
The French pilot will live with two merchants, Le Carlie and Miss Opéra, in the hospitality and retail sectors.
Additional European countries, where Binance is an approved crypto operator, are next on the list for service expansion. Currently, Binance has been approved as an operator in France, Italy, Lithuania, Spain, Cyprus, Poland and Sweden.
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Usually in-store devices require some form of integration to start using cryptocurrencies. However, the new solution claims to be an “all in one” device, making the onboarding process easier for both merchants and consumers.
Jonathan Lim, Head of Binance Pay and Binance Card of Binance called the all-in-one device a “new way to approach the market” and will “speed up 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, after successfully doing so in Argentina last August.
Other companies have also tried to bridge the gap between Web2 and Web3 payment systems. On February 10 Bit2Me announced a partnership with Mastercard to issue a debit card offering crypto cashback.