Ingenico, a leading payments acceptance provider, has officially forged a strategic partnership with Crypto.com, significantly expanding the horizon for cryptocurrency payment solutions.
This groundbreaking collaboration, announced on Tuesday, November 5, will empower users of the Ingenico platform by enabling merchants from around the world to seamlessly accept cryptocurrency payments, thereby broadening their operational capabilities.
According to the companies, “Through this collaboration, Ingenico merchants can now accept crypto payments and receive funds settlement without currency risk in their local currency,” including widely-used currencies such as euros, the British pound, as well as American and Australian dollars. This development highlights the increasing importance of flexibility in financial transactions.
“At the heart of this offering is Ingenico’s new merchant wallet, connected to AXIUM Android terminals. This innovation simplifies merchant interactions with the crypto world and other key services, while also allowing merchants to easily integrate cryptocurrency alongside their existing payment systems,” the company elaborated in their press release.
Furthermore, the partnership enables consumers to earn rewards for their transactions conducted via Crypto.com Pay, enhancing user engagement. Ingenico’s platform facilitates merchants in managing payments and services through mobile and tablet devices, striving to “normalize crypto payments for real-world experiences.”
Ingenico has ambitious plans to launch a live pilot program in the first quarter of the upcoming year, targeting key regions such as the U.S., Canada, the U.K., Asia, Europe, and Australia.
This partnership emerges during a pivotal moment when “the broader crypto landscape, and its own institutional players, are seeking greater utility — and recognition — across the financial services ecosystem,” as noted by PYMNTS in their analysis last month.
PYMNTS Intelligence research reveals that an impressive 77% of merchants who currently accept crypto payments do so because they benefit from lower transaction processing fees compared to traditional payment methods. Additionally, 32% of those merchants extending their use of cryptocurrency reported that they anticipated this shift could attract new customers.
As documented in previous reports, the crypto sector is grappling with increased scrutiny and pressure from regulatory bodies, notably the Securities and Exchange Commission (SEC).
In a bold move, Crypto.com filed a lawsuit against the SEC last month, labeling the agency as “misguided.” This legal action transpired following the issuance of a Wells notice to the company, which often indicates impending enforcement action.
“While this is an unprecedented move for our company to file suit against a federal agency, actions by that agency towards our industry have left us no other choice,” stated the company in their news release. “Specifically, our lawsuit contends that the SEC has unilaterally expanded its jurisdiction beyond statutory limits and has established an unlawful rule treating trades in nearly all crypto assets as securities transactions, regardless of how they are sold, while identical transactions in bitcoin (BTC) and ether (ETH) are somehow excluded,” they added.
**Interview with Alex Tran, VP of Strategic Partnerships at Ingenico**
**Editor:** Thank you for joining us today, Alex. Ingenico has recently partnered with Crypto.com to enhance cryptocurrency payment solutions. Can you elaborate on what this partnership means for Ingenico merchants?
**Alex Tran:** Absolutely. This partnership represents a significant step forward in our mission to empower merchants around the globe. By enabling them to accept cryptocurrency payments seamlessly, we’re broadening their capabilities and allowing them to tap into a new customer base who prefer to transact using digital currencies. This flexibility is crucial in today’s rapidly evolving payment landscape.
**Editor:** It sounds like a game-changer for many businesses. How exactly will this work in terms of settling funds for merchants?
**Alex Tran:** Great question! One of the key features of our collaboration with Crypto.com is that merchants can accept crypto payments but receive settlement in their local currency. This means they can operate without currency risk, which is pivotal for managing their operations with peace of mind, whether they’re dealing with euros, dollars, or pounds.
**Editor:** That definitely lowers the barrier for businesses considering crypto payments. Can you share more about the technology behind this integration?
**Alex Tran:** Certainly! At the heart of this new offering is Ingenico’s merchant wallet, which is integrated with our AXIUM Android terminals. This integration simplifies the process for merchants, enabling them to interact with cryptocurrency and other vital services easily. The integration allows them to incorporate crypto alongside traditional payment methods without complication.
**Editor:** Beyond merchants, how does this partnership benefit consumers?
**Alex Tran:** For consumers, the collaboration unlocks rewards through transactions made with Crypto.com Pay. This not only incentivizes crypto spending but also enriches the overall user experience, creating a more engaging ecosystem for both merchants and customers.
**Editor:** Ingenico plans to launch a live pilot program soon. What can we expect from this pilot?
**Alex Tran:** We’re very excited about the pilot program set for the first quarter of next year. This will allow us to closely monitor merchant feedback, optimize the integration, and ensure a seamless experience for users. We believe this pilot will be a pivotal step in normalizing crypto payments for everyday transactions in the retail environment.
**Editor:** Thank you, Alex, for sharing these insights. It sounds like Ingenico and Crypto.com’s partnership is set to make a meaningful impact in the payment landscape.
**Alex Tran:** Thank you for having me! We’re thrilled about what the future holds and are committed to making cryptocurrency a viable option for all merchants and consumers.
