In a significant move for the digital payments industry, Ingenico, a global leader in payment solutions, has teamed up with Crypto.com, a major cryptocurrency platform, to introduce a seamless crypto payment system for merchants worldwide. This partnership aims to integrate cryptocurrency transactions into everyday retail, providing a secure and efficient method for businesses to accept digital currencies.
Overview of the Partnership
The collaboration between Ingenico and Crypto.com is designed to normalize cryptocurrency payments in physical retail environments. By leveraging Ingenico’s extensive network of merchants and Crypto.com’s robust crypto technology, the initiative seeks to bridge the gap between traditional finance and digital assets.
This “plug-and-play” solution allows merchants to accept various cryptocurrencies without facing currency volatility risks, as settlements are made in local fiat currencies like EUR, GBP, AUD, or USD. The system is built to be user-friendly, requiring minimal setup for businesses already using Ingenico’s payment terminals.
How the New Payment Solution Works
At the core of this offering is Ingenico’s newly developed merchant wallet, which integrates with their AXIUM Android terminals. This wallet simplifies the process of accepting crypto payments, enabling merchants to manage transactions effortlessly through mobile or tablet devices.
Key features of the solution include:
- Instant conversion of crypto payments to local currency.
- Secure and compliant transaction processing.
- Compatibility with existing point-of-sale systems.
- Access to additional merchant services through the terminal.
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Benefits for Merchants and Consumers
This partnership offers numerous advantages for both businesses and their customers. Merchants can tap into a growing market of crypto users, potentially increasing sales and attracting tech-savvy consumers. They also avoid exposure to cryptocurrency price fluctuations thanks to immediate fiat conversion.
For consumers, using Crypto.com Pay means enjoying rewards and incentives for transactions, making payments both rewarding and convenient. The system is designed to be as straightforward as using traditional payment methods, encouraging wider adoption of digital currencies.
Global Rollout and Future Plans
Ingenico and Crypto.com are actively engaging with leading merchants to pilot the solution, with a live rollout planned for Q1 2025. The initial phase will focus on select regions, including the United States, Canada, the European Economic Area, the United Kingdom, parts of Asia, and Australia.
The long-term goal is to expand this service globally, making crypto payments accessible to millions of merchants and consumers. This initiative represents a pivotal step forward in the evolution of payment technologies, combining innovation with practicality.
Leadership Perspectives
Patrick Blanc, Chief Technology Officer at Ingenico, emphasized the transformative potential of the partnership: “By integrating crypto payments into commerce environments, we are setting a new standard for merchant services worldwide. This collaboration moves commerce forward with innovative solutions.”
Eric Anziani, President and COO of Crypto.com, highlighted the mission-driven aspect of the initiative: “Our goal is to make cryptocurrency usable in real-world scenarios. Partnering with Ingenico allows us to bring crypto out of the digital realm and into everyday transactions, offering a secure and scalable payment tool.”
Frequently Asked Questions
What is the Ingenico and Crypto.com partnership about?
The partnership enables Ingenico’s global network of merchants to accept cryptocurrency payments through a secure, plug-and-play solution. Transactions are settled in local fiat currency, eliminating exchange rate risks for businesses.
How do merchants benefit from accepting crypto payments?
Merchants can attract new customers, increase transaction volume, and receive settlements in their preferred currency without volatility concerns. The system integrates easily with existing payment infrastructure.
Which cryptocurrencies are supported?
While specific currencies were not detailed in the announcement, the solution is expected to support major cryptocurrencies commonly used for transactions, such as Bitcoin and Ethereum, through Crypto.com’s platform.
Is the solution available worldwide?
The pilot program will launch in select regions in early 2025, including the U.S., Canada, the EEA, the UK, Asia, and Australia. Global expansion is planned based on initial success and merchant adoption.
How does the settlement process work?
Crypto payments are instantly converted to the merchant’s local currency at the time of transaction, ensuring that businesses receive funds in EUR, GBP, AUD, USD, or other supported fiat currencies.
What security measures are in place?
The system leverages Crypto.com’s compliance-focused infrastructure and Ingenico’s secure payment terminals, ensuring that all transactions meet industry standards for security and privacy.
Conclusion
The partnership between Ingenico and Crypto.com marks a milestone in the adoption of cryptocurrency for everyday commerce. By providing a practical, secure, and efficient payment solution, the companies are paving the way for broader acceptance of digital currencies in the retail sector.
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As the financial landscape continues to evolve, collaborations like this demonstrate the growing convergence of traditional and digital finance, offering new opportunities for merchants and consumers alike.