The crypto exchange Binance and the French payments provider Ingenico have struck a deal that will let customers pay for goods and services in crypto.
Per an Ingenico press release and a report from France’s BFM-TR, the deal involves Binance’s payments arm – Binance Pay. The companies will begin with an initial pilot. But the companies want the project to expand beyond France’s borders 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 is the developer of the widely used iPP 350 card terminal.
The initial pilot will comprise an “in-store crypto payment acceptance solution.” It will allow Ingenico AXIUM payment terminal-using vendors to “accept more than 50 cryptocurrencies” as a form of payment.
Ingenico added that it had partnered with the domestic catering firm Le Carlie and the retailer Miss Opéra for the pilot.
The company wrote that its “crypto payment solution will also 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 “keep their crypto [holdings] on Binance’s exchange platform would “be able to take advantage of this new in-store use case.”
The firm added that its solution would “automatically” calculate “exchange rates” for items and services listed in fiat prices – and would hold these prices “for a few minutes” while merchants conclude sales.
How Will the Binance-Ingenico Partnership Work?
The companies said their partnership would be “broken down into several stages.” While the “first stage” will focus on allowing merchants to receive crypto payments, a “crypto-to-fiat payment solution” is also in the pipeline.
The companies will test this solution “in the second quarter of 2023.” And this will allow merchants to receive payments in fiat – when customers pay in crypto.
Similar platforms are being rolled out for taxes in Brazil, where local governments are planning to allow taxpayers to settle their bills in crypto.
These solutions also involve crypto exchange-developed tools and interfaces that calculate fiat prices in crypto – and instantaneously convert crypto payments to fiat.