It is expected that at some point, both parties will come up with a larger solution that allows payments to merchants in fiat currency.
Crypto industry giants like Binance have continued to exert their dominance despite the recent downturn in the industry. According to a Twitter advertisementBinance has reached another partnership agreement with Ingenico for digital asset payment solutions in France.
This partnership comes after the cryptocurrency exchange recently gained regulatory approval in the region. For what it’s worth, Binance is interested in spreading its tentacles around the world. Hence the reason for the recent wave of collaboration from him. Furthermore, he aims to boost crypto adoption with his new partnership.
Per the announcement, Binance Pay will now be available at two major outlets that use Ingenico payment terminals. They are the Miss Opéra clothing store, and the Le Carlie bar.
Binance will take advantage of Ingenico’s innovative payment solution
Speaking about the partnership, Binance Pay and Binance Card Director Jonathan Lim praised Ingenico’s AXIUM payment terminals, which will be used to make payments. Lim claims that Ingenico’s payment solution gives Binance a soft landing, reducing the burden of having to make new inventions. He said in part:
“Their dominant position in the market and their innovative payment solutions allow us to accelerate our access to consumers, without having to create our own terminals or software.”
Lim also added that the outlet is set up in a way that it will accept at least 50 cryptocurrencies.
In the meantime, this is just the initial phase of the partnership, where users can now pay providers with digital assets. This means that Binance will now be integrated into Ingenico’s PaaS, its payments-as-a-service platform. And merchants with PPaaS, who also use the Binance crypto wallet, can quickly accept in-store payments from customers.
It is expected that at some point, both parties will come up with a larger solution that allows payments to merchants in fiat currency. According to their projection, this crypto-to-fiat payment solution should be in its testing phase by the second quarter of 2023.
The exchange also plans to extend the payment solution to the whole of Europe, thus retaining its advantage in the retail market.
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Mayowa is a crypto enthusiast/writer whose conversational nature is quite evident in his writing style. He strongly believes in the potential of digital assets and takes every opportunity to reiterate it. He is a reader, a researcher, an astute speaker, and also a budding entrepreneur. Away from cryptocurrency, however, Mayowa’s imagined distractions include soccer or discussions of world politics.
