Printemps: French Department Store Launches Cryptocurrency Payments

French department store Printemps, founded in 1865, has introduced cryptocurrency payments in all 20 of its stores in France. Through a partnership with Binance Pay and tech company Lyzi, customers can now make purchases using Bitcoin (BTC), Ethereum (ETH), and stablecoins like EURI and USDC.

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The payment process is simple: the customer scans a QR code at checkout using the Binance app, selects their preferred cryptocurrency, and confirms the transaction. The entire operation takes just a few seconds, and payments are automatically converted to euros, protecting the merchant from exchange rate fluctuations.

It is worth noting that Printemps is not the first company to accept cryptocurrencies. Previously, such solutions have been introduced by the American chain Whole Foods, Gucci and Ferrari. However, Printemps' decision to introduce this form of payment is a significant step towards popularizing cryptocurrencies in Europe.

Currently, the share of cryptocurrencies in the global value of e-commerce transactions is small, accounting for less than 0,2% in 2022. However, forecasts indicate that by 2026, this percentage will increase to 0,5%, which equates to transactions worth $39 billion.

Printemps’ decision to accept cryptocurrencies could help boost their popularity among consumers. However, it’s important for potential investors to monitor whether other retail chains follow Printemps’ lead, which could impact the future development of the cryptocurrency market.

As Emmanuel Suissa, Director of Partnership Development at Printemps noted, “Through our partnership with Binance and Lyzi, we are improving the customer experience by adapting services to the needs of modern consumers through Web3 solutions.”

In conclusion, Printemps’ acceptance of cryptocurrencies is a step towards modern payment solutions. It will be important for investors to observe how the market reacts to this initiative and whether it will become an impulse for a wider implementation of cryptocurrencies in retail trade.