Binance Partners Ingenico for Payment Solutions in France

Sahana Kiran
Source – Unsplash

The cryptocurrency industry is going global. Despite the latest slump, prominent firms across the industry continued to expand. Binance, in particular, saw several partnerships all across the world. After gaining a license in the region, the CZ-led exchange joined hands with Ingenico in order to provide a digital asset payment solution in Paris. Earlier today, Binance made the announcement on Twitter.

The current partnership will facilitate Binance Pay in two outlets with Ingenico’s payment terminal: one at a bar called Le Carlie and the other at Miss Opéra, a clothing store.

Binance will employ Ingenico’s AXIUM payment terminals to carry out payments. This medium is formulated to accept more than 50 cryptocurrencies. Elaborating on this collaboration, Jonathan Lim, director of Binance Pay and Binance Card said,

“One of the major benefits of this partnership is that it offers companies a new approach to the market. 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.”

It should be noted that the collaboration is divided into several categories. This initial step will make it possible to pay vendors with digital assets. However, both of these firms are currently working on something bigger. In order to enable payments to merchants in fiat currency, Ingenico and Binance are building a crypto-to-fiat payment solution. This solution will be tested in the second quarter of 2023.

At present, Binance will be available on Ingenico’s PPaaS, its payments platform as a service. Customers’ in-store payments will be swiftly accepted by merchants whose payment service provider is integrated with PPaaS, and utilizes the Binance cryptocurrency wallet.

Here’s how Binance will benefit from this partnership

Ingenico claims to have 45 years of experience in the field. Compared to this, the CZ-led exchange is fairly new. Therefore, with the Ingenico tie-up, the exchange is undergoing further adoption. The payment solution is expected to debut in 2023, and it will boost Binance’s presence in France.

Additionally, this payment solution is expected to be enabled across Europe. Therefore, the exchange’s hold over the retail market could be elevated. Michel Léger, executive vice president, Innovation and Global Solutions at Ingenico stated,

“As a leading payments ecosystem accelerator, we are excited to partner with up-and-coming brands like Binance to bring cryptocurrency payments to retail for consumers around the world.”