AEON launches on BNB to expand crypto payments in Asia
AEON, a modular payment protocol that aims to standardize and unify crypto payments, has launched a QR code payment system on the BNB Chain, with a view towards expanding crypto payments in Southeast Asia.
The project clarified in a press release published on Nov. 11 that its BNB-based QR code payment system has been established in collaboration with Terminus, a payment association project that bridges crypto and real-world transactions through banks, e-wallets and fiat settlement networks.
The new service means that merchants can now access AEON’s payment system without having to acquire additional hardware, while crypto payments are settled in fiat currency. AEON believes that the new offering provides greater convenience for users and merchants, while also supporting the BNB Chain ecosystem through the promotion of a seamless payment experience at offline locations throughout the Southeast Asian region.
Integrating with Asian payment networks
Users can now rely on assets such as Bitcoin (BTC), Ethereum (ETH), Tether (USDT), USD Coin (USDC) and Binance Coin (BNB) as a source of funds for payments, which can be made in-store by scanning a QR code via a network of merchants throughout Southeast Asia.
Once a transaction is confirmed, funds are converted to fiat currency in real time. The offering minimizes friction for the merchant, making it easy for them to accept crypto as a means of payment.
This scan-to-pay feature has now been integrated with national payment networks like VietQR, a money transfer service in Vietnam that enables customers to scan and pay across the mobile apps of the Southeast Asian nation’s banks. Similarly, AEON has integrated with another such service in Thailand known as ThaiQR, which is supported by a number of leading Thai banks.
Connecting Web2 with Web3
In an article posted to X last month, Terminus outlined that acting as a “payment association” isn’t just a label but an attempt by the company to take an approach that seeks to connect Web2 with Web3 in a manner previously thought impossible. It believes that it is creating a powerful ecosystem by taking disparate payments providers and joining them together via a cohesive payments association.
In bridging Web2 and Web3 Terminus says that it is laying “the groundwork for a future where payments are not only efficient but universally accessible.”
Network integrations seem to be key where crypto payment solutions providers are concerned. With that, AEON has been active in bringing about other such integrations beyond this collaboration with Terminus. In September, it entered into a partnership with Singapore’s Alchemy Pay, a crypto-to-fiat payment gateway, with a view towards combining Alchemy’s expertise in payments with AEON’s payments infrastructure and protocol.
In October AEON integrated with the TRON layer-1 blockchain network. The collaboration means that decentralized applications within the TRON ecosystem can accept crypto payments over AEON’s payments infrastructure.
