The partnership includes the launch of a pilot programme that accepts more than 50 cryptocurrencies and will be available only on Ingenico Axium payment terminals in France. The programme aims to make it easier for users to pay in-store using Binance Pay, and it will go live with Le Carlie and Miss Opéra.
According to cryptodaily.co.uk, Binance plans to expand its service to other countries where it has a licence to operate, including Spain, Poland, Cyprus, Lithuania, Sweden, and Italy. Ingenico officials cited by the same source highlighted that, in order to operate, other crypto payment solutions rely on an additional device or the execution of an integration by the merchant. In contrast, Binance and Ingenico’s solution bypasses this issue by offering an all-in-one device to merchants.
To be specific, merchants that are equipped with Ingenico payment terminals and cryptocurrency holders using the Binance wallet will be able to carry out transactions directly. The system offers an exchange rate automatically and blocks it for a few minutes in order to ensure a frictionless user experience. While the first stage of the partnership will focus on allowing merchants to be paid in crypto, the second stage will involve a crypto-to-fiat payment solution that will be tested in the second quarter of 2023.
Binance officials cited by cryptodaily.co.uk highlighted Ingenico’s payment solutions and mentioned how they can help Binance improve their access to consumers without having to create their own terminals or software.
In January 2023, Ingenico collaborated with Fujitsu Frontech to launch a biometric payment solution based on palm vein identification. Through this partnership, merchants could improve the check-out experience of their customers while reducing the risk of fraud. Fujitsu’s palm vein identification technology enables contactless payments while reducing queues, and it was designed on Ingenico's AXIUM range, its Android payment terminals.
The system allows clients to identify themselves and authenticate their payments by moving the palm of a hand over a near-infrared (NIR) sensor. Since each person has a unique pattern of veins in the palm of their hand, this biometric identification system is accurate but also less intrusive when compared to fingerprint-based solutions or facial recognition technologies. Moreover, with this system, users don’t need to use credit cards or enter a PIN.
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