Binance, has partnered France-based global payments giant Ingenico to offer in-store crypto payments in France using Binance Pay.
On February 22, Binance tweeted about the collaboration, saying that it had teamed up with Ingenico to make it simpler for users to complete transactions using Binance Pay.The partnership was hailed by Binance as a development in the acceptance of cryptocurrencies worldwide.
Utilizing Ingenico’s payment terminal, the partnership will initially be tested in two locations: Miss Opéra, a women’s clothing store in the same city as La Carlie, a well-known cocktail bar in Paris, and La Carlie.
One of the largest networks of payment terminals in the world is maintained by Ingenico, a provider of international payment solutions. It was the ideal partner for Binance to fully establish itself in the European Union due to its market dominance in France and most of Europe (EU).
Through Ingenico’s AXIUM payment terminals, which can accommodate over 50 cryptocurrencies, including bitcoin (BTC) and ether, Binance will enable cryptocurrency payments (ETH).
Jonathan Lim, director of Binance Pay, claims that the partnership will enable the exchange to take advantage of Ingenico’s market leadership and cutting-edge payment options to quicken its access to European consumers without having to develop its terminals or software.
Vendor payments in cryptocurrency will be possible during the partnership’s initial phase. Nonetheless, both businesses are developing a crypto-to-fiat payment system to make it possible to pay merchants in fiat money.
In the second quarter of 2023, Binance plans to begin beta testing for this technology.Ingenico’s payment platform-as-a-service (PPaaS) ecosystem will first host Binance Pay.
Customers’ in-store payments can be promptly processed by retailers using the Binance cryptocurrency wallet if their payment service providers are integrated with Ingenico’s PPaaS.
Binance under regulatory scrutiny in the US
This new alliance is announced while US regulatory authorities are looking into Binance. Due to what appears to be a crackdown by the US Securities and Exchange Commission, the cryptocurrency exchange is considering stopping a number of American collaborations and acquisitions.
Patrick Hillmann, chief strategy officer of Binance, is worried that stringent crypto regulations may suffocate the industry and significantly increase market volatility.
Recent orders to suspend minting stablecoins by Paxos, the company that issues Binance USD (BUSD), from the SEC and the New York Department of Financial Services (NYDFS), had a substantial impact on Binance.
Even Changpeng Zhao, the CEO of Binance, has hinted that US authorities would focus on Binance due to its significant influence on the digital asset market.
