Prominent crypto exchange Binance and payment processor Ingenico have forged an alliance to provide digital asset payment solutions in France. Through this partnership, customers will be able to utilize Binance Pay to make cryptocurrency payments at two locations that employ Ingenico’s payment terminal: La Carlie, a pub, and Miss Opéra, a retail store.
The card will be available to all Binance users in Brazil with a valid national ID and allow them to make payments and pay bills with 13 cryptocurrencies, including bitcoin, ether, and BUSD. Binance’s card will charge a 0.9% fee per transaction involving crypto, the firm said, adding that it will offer up to 8% in cashback with crypto and allow ATM withdrawals without any fees.
According to the announcement, the program accepts more than 50 cryptocurrencies. Initially, merchants will be paid in cryptocurrency; however, a crypto-to-fiat solution allowing merchants to receive fiat payments is set to pilot in Q2 of 2023. The France pilot is going live with two merchants, Le Carlie and Miss Opéra, in the hospitality and retail sectors.
Additional European countries, where Binance is an approved crypto operator, are next on the list for service expansion. Binance is approved to operate in France, Italy, Lithuania, Spain, Cyprus, Poland and Sweden. Typically, in-store devices require some form of integration to begin utilizing cryptocurrencies. However, the new solution claims to be an “all-in-one” device, making onboarding easier for merchants and consumers.
Jonathan Lim, head of Binance Pay and Binance Card, called the all-in-one device a “new way to approach the market” and said it will “accelerate access to consumers.” Over the last year, Binance has worked on various payment solutions worldwide. It recently partnered with Mastercard to launch a prepaid crypto card in Brazil after successfully launching it in Argentina in August 2022.
Recently the crypto behemoth launched a prepaid digital asset card in Brazil in collaboration with payment giant Mastercard, the trading platform announced on 20 Feb. The card will be available to all Binance users in Brazil with a valid national ID and allow them to make payments and pay bills with 13 cryptocurrencies, including bitcoin, ether, and BUSD. Binance’s card will charge a 0.9% fee per transaction involving crypto, the firm said, adding that it will offer up to 8% in cashback with crypto and allow ATM withdrawals without any fees.
One of the major advantages of this partnership is that it offers companies a new approach to the market. Their 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,” wrote Jonathan Lim, head of Binance Card and Binance Pay.
