By George Ward
As mainstream crypto-based services continue to soar, more companies are attempting to close the gap between traditional finance (TradFi) with decentralized finance (DeFi). Thus, a new partnership between Binance and French credit card service firm Ingenico is set to usher in a pilot program to launch in-store crypto payment in France.
Launching Crypto Payment In France
France is set to launch its pilot in-crypto payment system following a deal with the credit card services platform Ingenico and the world’s largest crypto exchange, Binance. Accordingly, the initial test of the new offering will only be available in France via the Ingenico Axium payment terminals.
Per the announcement, the project will accept over 50 crypto assets. At the initial stage, merchants will be paid in crypto tokens, but a crypto-to-fiat payment solution will debut in the year’s second quarter.
Meanwhile, the pioneer project in France will involve the participation of two merchants from the hospitality and retail industries, Le Carlie and Miss Opera. Other European countries where the Binance exchange is already approved as a crypto service provider are next in line for the introduction of in-store crypto payment solutions.
Binance is currently approved to operate in France, Lithuania, Italy, Poland, Cyprus, and Sweden. In-store payment terminals require the interaction of certain features before they begin to process transactions in cryptocurrencies.
But the new tool is designed to be an all-in-one platform, making onboarding easier for merchants and users. According to Jonathan Lim, the head of Binance Pay, the device is an innovative way to enter the market as it will help accelerate the access of digital assets to consumers.
Last year saw the crypto exchange engaged in several other payment solutions worldwide. Binance recently partnered with Mastercard to release a prepaid crypto debit card in Brazil after the successful launch in Argentina last year.
Other firms are also attempting to bridge the gap between Web2 and Web3 payment platforms as the crypto industry eyes further expansion.
Closing The Gap With Credit Cards
Despite the market turmoil for most of 2022, last year further reinforced that the Web3 ecosystem is not a flash in the pan but the future of digital transactions. However, as disruptive as the industry has become, some skeptics are yet to be convinced how Web3 can become part of their daily lives.
More developers are seeking ways to close the gap between the two iterations of the internet – the Web2 and Web3. Industry players believe that existing Web2 financial facilities like credit cards can be utilized to onboard new users into the Web3 space.
According to experts’ opinions, most of the developed world uses credit cards for their daily purchases. Hence, to usher these card users into Web3, companies must provide this set of users with a familiar and safe transaction method.
Thus, analysts see the need to further educate users on adopting self-custody tools and embracing the Web3 infrastructures.