French Binance Pay users can now pay for their goods and services using crypto.
Binance, the largest cryptocurrency exchange in terms of daily trading volumes, has partnered with French merchant services technology company Ingenico.
According to the press release shared by Ingenico on February 22rd, the new collaboration between Binance and Ingenico will allow customers to pay for their goods and services using Binance Pay.
Did you know?
Want to get smarter & wealthier with crypto?
Subscribe - We publish new crypto explainer videos every week!
What is Blockchain? (Animated Examples + Explanation)
In the press release, Ingenico highlighted that initially, services will be available only on Ingenico AXIUM payment terminals in France. However, the company emphasized that Binance and Ingenico hope to expand this cryptocurrency payment solution across Europe.
Initially, French users will be able to pay with more than 50 cryptocurrencies, including Bitcoin (BTC), Ether (ETH), and Binance Coin (BNB). At the time of the transaction, merchants will be paid in cryptocurrencies. However, Ingenico highlighted that a crypto-to-fiat solution is set to be launched in the second quarter of 2023.
In particular, French Binance Pay users will be able to use this solution at a bar called Le Carlie and retail merchant Miss Opéra.
When talking about the new partnership, Binance Pay and Binance Card director, Jonathan Lim, noted:
One of the major advantages of this partnership is that it offers companies a new approach to the market. Ingenico 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.
In the announcement, Ingenico hoped that its partnership with Binance will allow both firms to reach “wider audiences and have a significant impact on the future of in-store payments.” It is worth noting that Binance has more than 120 million users and is licensed to operate in France, Spain, Poland, Lithuania, Italy, and Cyprus.
Ingenico Executive Vice President for Innovation and Global Solutions, Michel Léger, shared his excitement about the collaboration with Binance by stating:
As a leading payment 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.
Binance continues to spread its wings in various sectors. On February 20th, the cryptocurrency exchange launched a new initiative for Fan Token holders called Binance Fan Club.
