It is expected that somewhere along the line, both parties will come up with a bigger solution that will allow payments to merchants in fiat currency.
Crypto industry giants such as Binance have continued to exert their dominance despite the industry’s recent slump. According to a Twitter announcement, Binance has struck yet another partnership deal with Ingenico for digital assets payment solutions in France.
This partnership follows after the cryptocurrency exchange recently obtained regulatory approval in the region. For what it’s worth, Binance is keen on expanding its tentacles across the globe. Hence, the reason for its recent collaboration spree. Also, it aims to bolster the adoption of crypto with its new partnership.
According to the announcement, Binance Pay will now be available at two major outlets that use Ingenico’s payment terminals. They are the Miss Opéra clothing store, and the Le Carlie bar.
Binance to Tap into Ingenico’s Innovative Payment Solution
Speaking about the partnership, the director of Binance Pay and Binance Card, Jonathan Lim, was full of praise for Ingenico’s AXIUM payment terminals, which will be used to carry out 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 medium is created in a way that it will accept, at least, 50 cryptocurrencies.
Meanwhile, this is only the initial phase of the partnership, where users may now pay vendors with digital assets. This means that Binance will now be integrated into Ingenico’s PaaS, its payments platform as a service. And merchants with the PPaaS, who also use the Binance crypto wallet, may swiftly accept customers’ in-store payments.
It is expected that somewhere along the line, both parties will come up with a bigger solution that will allow payments to merchants in fiat currency. By their projection, this crypto-to-fiat payment solution should be in its testing phase by Q2 2023.
The exchange also plans to extend the payment solution to the whole of Europe, thereby retaining its edge in the retail market.
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