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The adoption of mainstream crypto and crypto-based services continues as more companies bridge traditional finance (TradFi) and decentralized finance (DeFi) solutions.
On February 22nd, a new pilot program launched between cryptocurrency exchange Binance and credit card service company Ingenico enabled in-store cryptocurrency payments via Binance Pay. Initial testing of the service is currently only available on Ingenico Axium payment terminals in France.
According to the announcement, the program will accept over 50 cryptocurrencies. Initially, merchants will be paid in cryptocurrencies. However, a crypto-to-fiat solution that allows merchants to receive fiat payments is expected to be piloted in the second quarter of 2023.
The French pilot works with two merchants in the hospitality and retail sector, Le Carlie and Miss Opéra.
Additional European countries where Binance is an approved crypto operator are on the following list of service expansions. Binance is approved to operate in France, Italy, Lithuania, Spain, Cyprus, Poland and Sweden.
Related: Credit Cards Can Bridge Web2 to Web3, Music Industry Executive Says
In-store devices usually need to be integrated in some way to start accepting cryptocurrencies. However, the new solution claims to be an “all-in-one” device, making it easier for merchants and consumers to onboard.
Jonathan Lim, Head of Binance Pay and Binance Card, called the all-in-one device “a new way to approach the market” and “accelerate access to consumers.”
Over the last year, Binance has worked on various payment solutions around the world. After successfully launching in Argentina in August 2022, it recently launched a prepaid crypto card in Brazil in partnership with Mastercard.
Other companies are also trying to bridge the gap between Web2 and Web3 payment systems. February 10, Bit2Me has announced a partnership with Mastercard to launch a debit card offering crypto cashback.