crypto exchange binance and French Payments provider Ingenico has struck a deal that will let customers pay for goods and services in crypto.
Per an ingenico press release and a report from France BFM-TRThe deal involves Binance’s payments arm – Binance Pay. The companies will start with an initial pilot. But the companies want the project to grow beyond the borders of France, and allow crypto users elsewhere in Europe to pay in crypto.
Ingenico is one of Europe’s largest point-of-sale (PoS) device providers, and the developer of the widely used iPP 350 card terminal.
The initial pilot will include an “in-store crypto payment acceptance solution”. This will allow Ingenico AXIUM payment terminal-vendors to “accept more than 50 cryptocurrencies” as payment.
Ingenico said it had partnered with home-catering firm Le Carly and retailer Miss Opera for the pilot.
The company wrote that its “crypto payment solution will soon be deployed in Europe, in countries where cryptocurrencies and Binance are regulated.”
The deal will see Binance Pay’s platform integrated into Ingenico’s payment terminals.
Ingenico wrote that customers who “hold their crypto [holdings] On Binance’s exchange platform “will be able to take advantage of this new in-store use case.”
The firm said its solution will “automatically” calculate exchange rates for goods and services listed in fiat prices – and maintain these prices “for a few minutes” while merchants conclude sales.
How will the Binance-Ingenico partnership work?
The companies said their partnership would “break down into several phases.” While the “first phase” will focus on allowing merchants to receive crypto payments, a “crypto-to-fiat payment solution” is also in the pipeline.
The companies will test the solution “in the second quarter of 2023”. And it will allow merchants to receive payments in fiat – when customers pay in crypto.
Similar platforms are being built for taxes in Brazil, where local governments are planning To allow taxpayers to settle their bills in crypto,
These solutions also include crypto exchange-developed tools and interfaces that calculate fiat prices in crypto – and instantly convert crypto payments to fiat.
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