Paymium announced today a partnership with Ingenico, the world leader in the payment terminal industry. This new move from the Bitcoin startup is likely to be a huge step towards bitcoin adoption among merchants.
Merchants: A World To Conquer
The partnership between the Bitcoin payment processor Paymium and Ingenico will enable merchants from all over the world to convert their existing terminal into bitcoin-ready Point of Sale.
The new generation of Ingenico Terminals, "TELIUM TETRA", features a marketplace of payments applications where the Paymium App is now available. The bitcoin transactions are processed using QR codes displayed on the terminal screen, that indicates the payment details such as the recipient address and amount to pay.
Michel Léger, EVP Global Sales and Marketing at Ingenico Group, expressed the company's interest in such solution:
“We are very pleased to partner with Paymium to enrich our dedicated Business Applications Marketplace. This allows us to bring more value to merchants through our terminals, enabling them to offer their customers a new consumer experience.”
An Upheaval In The Bitcoin Payment Processors Landscape?
While Bitpay and Coinbase revindicate 30,000 and 50,000 merchants respectively, more than 22 million Ingenico payments terminals are used in 125+ countries. Allowing even a small percentage of them to process bitcoin transactions could elevate Paymium to the position of bitcoin payment processor leader.
The whole bitcoin community will probably find some interest in such partnership: $3.5 Billion of transactions are processed each year on Ingenico's terminal. While the Telium Tetra models have only been released in September 2014 and, as a result, represent a small cut of the nine figures amount, this small proportion could significantly increase the bitcoin market cap.
In addition, the proportion is likely to increase as soon as the deployment of this new generation of terminal progresses.