French POS terminal manufacturer Ingenico has teamed up with the crypto exchange Binance to test in-store cryptocurrency payment acceptance that doesn’t require additional hardware
Binance has formed a strategic partnership with French merchant services fintech Ingenico, enabling Ingenico’s Axium terminals to accept more than 50 cryptocurrencies along with fiat at the points of sale throughout France, Spain, Dubai and Japan.
The two firms are currently developing and testing an interoperable system in France. Thanks to Binance’s regulatory status, the service then could be expanded to countries like Spain, Dubai and Japan.
Additionally, the partner companies are developing a crypto-to-fiat payment offering, which will be tested in Q2 2023. The integration will enable merchants to have crypto payments automatically converted and receive their earnings in fiat currency.
The benefit of a new solution is that crypto-enabled payments will not require separate payment infrastructure. Currently, some stores accept crypto for in-store purchases but the majority of such payments require an additional POS device or the execution of an additional integration by the merchant.
Ingenico provides multiple payment products and services for merchants, including smart terminals, cloud-based payments platform and end-to-end terminal management. Its Axium payment terminals use a comprehensive portfolio of payment and device-management applications.
Running entirely on Android, the AXIUM POS platform supplies merchants with global APIs as well. Alongside a white-labelled Appstore to deploy business applications, the solution leverages Ingenico’s turnkey services, including estate management, security and customer care.
Besides, Axium OS provides a complete set of tools, from Ingenico Services Enablers, embedded software and software development kit to support and maintenance services.
Binance has recently introduced another innovative tool called Binance Tax to help users understand and calculate their crypto tax liabilities at no extra cost.