Payments firm Ingenico has forged an alliance with crypto exchange Binance to facilitate cryptocurrency payments in French stores.

Under the strategic tie-up, both firms will pilot an initiative that will enable merchants to accept crypto payments at two outlets, including catering store Le Carlie and retail store Miss Opéra in France.

The pilot will see the placing of Ingenico’s AXIUM payment terminals at the stores for accepting payments through Binance Pay.

Once the pilot is completed, the integrated crypto payments tool will be launched in other European nations where Binance is regulated.

Ingenico executive vice president Michel Léger said: “As a leading payments 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.”

In addition, Ingenico and Binance are developing a crypto-to-fiat payment offering that is set to be piloted in the second quarter of this year.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

Ingenico is also planning to add Binance on its payments platform as a service (PPaaS).

Binance Card and Binance Pay head Jonathan Lim said: “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.”

The latest partnership follows a report that stated that Binance was nearing a deal to buy a 41.2% stake in South Korean counterpart Gopax.