Digital Transactions Authoritative, insightful and timely information for payments professionals
The push to make cryptocurrency a mainstream payment option got a boost early Tuesday as terminal maker Ingenico announced it is partnering with cryptocurrency exchange Crypto.com to accept cryptocurrency through its Axium Android terminals.
Merchants accepting cryptocurrency through the Ingenico terminals can settle transactions through their Ingenico merchant wallet in local currency, such as the U.S. dollar, British pound, Euro, and Australian dollar.
Ingenico plans to begin piloting the technology with select merchants during the first quarter of 2025. The pilot will take place in several regions including the United States, Canada, the United Kingdom, Australia and the European Economic Union, which includes European Union member states and the European Free Trade Association countries of Iceland, Liechtenstein, and Norway.
“Our partnership with Ingenico will go a long way to bringing crypto out of the web and increase its adoption as a powerful payment tool,” Eric Anziani, president and chief operating officer for Crypto.com, said in a statement.
In related news, Mastercard Inc. launched Pay Local, a service that allows consumers to make card-based payments using local digital wallets. To initiate a Pay Local payment Mastercard cardholders link their credit or debit card to a participating local digital wallet. The service, available globally, eliminates the need for consumers to set up or top up a prepaid account, Mastercard says.
Local Pay is also seen as a way to enable international travelers to register, and effectively bind their cards, to a local digital wallet, according to Darrick Rochili, chief innovation officer for DANA, an Indonesia-based digital wallet provider supporting Local Pay.
In addition to DANA, several digital wallet providers are supporting Local Pay including Touch ‘n Go in Malaysia, Bakong in Cambodia, and LankaPay in Sri Lanka. The initial four participating wallet providers collectively reach 35 million merchants.
Looking ahead, Mastercard sees Local Pay being adopted by consumers and merchants in regions where digital wallets are popular for making everyday purchases, such as Latin America, Eastern Europe, the Middle East and Africa.
