Paymium Partners with Ingenico Group to Enable Retailers to Accept Bitcoin

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Paymium Partners with Ingenico Group to Enable Retailers Accept Bitcoin

This is going to be a huge announcement for Bitcoin users as Bitcoin payments provider Paymium says that it has partnered with one of the world’s largest point-of-sale (POS) solution providers so that it can allow European brick-and-mortar retailers to accept the digital currency. The partnership augers well for the Bitcoin users in Europe as they can now use it in transactions.

Announcing the development, Paymium says that it has created an app that is being hosted on the Telium Tetra Marketplace, a payment application suite developed by Ingenico Group solely for its POS terminals. According to the company sources the app allows merchants to accept Bitcoin payments and convert them to Euros instantly.

Talking to media professionals Michel Léger, EVP global sales and marketing at Ingenico Group, said that his company is very pleased to partner with Paymium to enrich our dedicated Business Applications Marketplace. He further added this allows him to bring more value to merchants through its terminals, enabling them to offer their customers a new consumer experience.

Paymium is known for following the strict and reasonable technical means to ensure the proper execution of transfers of Bitcoin. However, it says that it is not responsible for problems related to the Internet or to the Bitcoin network; particularly, it cannot be held responsible for the appearance of a fork on the Bitcoin Blockchain that could invalidate certain past transactions.

Europe is Attracting Bitcoin Companies

Nonetheless, it says that the transfer of Bitcoin to an external address that does not belong to the service shall not be processed in real time and shall be processed no more frequently than once per working day. Before the new partnership it had partnered with online fashion retailer Showroomprive.com to allow it to accept Bitcoin payments back in September.

Ingenico Group on the other hand has a commercial presence in more than 125 countries through 80 offices and an extensive network of partners. Also, it boasts 22 million POS terminals installed worldwide and an annual revenue of €1.3bn in 2013. Nonetheless, it faces competition in the European market as well.

Europe has emerged as a popular choice for a lot of Bitcoin companies. In a recent development BitPay set up its European HQ in April, in a bid to attract 30,000 merchants in Europe by the end of 2014.

To contact the reporter of this story: Deepak Tiwari at deepak@forexminute.com