Decathlon, Sephora, Boulanger, Foot Locker, Intersport, Cultura, Maisons du Monde, Norauto, World House are among a few dozen brands in France, totaling over 25,000 sales points, that are going to support Bitcoin by Q1 2020. The announcement was made during Paris Retail Week, on September 24.
To make this reality, a new bitcoin-powered payment system will be implemented throughout French retail stores. It’s a result of joint effort by the point-of-sale technology provider Global POS, EasyWallet application, and payments platform Easy2PlayPayment.
According to the press release, at the point of sale BTC funds will be automatically converted into euros before being deposited into the seller’s account. The conversion will be handled by Deskoin and Savitar which have already applied for their Digital Asset Service Provider accreditations under France’s PACTE Act.
Stéphane Djiane, CEO and founder of Global POS, commented on the new payment method: “This is an important symbolic step in the evolution of payment methods in France. However, more than a symbol, what we bring to 25,000 outlets is the ability to safely enter the world of Economy 3.0.”
Mr. Dijane also hinted that other altcoins will be introduced somewhere in the near future.
Global POS is targeting a French populace that appears to be receptive to crypto assets.
“The acceptance of cryptocurrencies is a real challenge for retailers. We are aware of the public expectations and the scope of the message we send to the whole community. We are happy to be able to make this ecosystem more concrete for consumers and to enter the crypto-economy within a legal framework,” – Grégory Hervein, co-founder of the brand Mustaches, commented on the matter.
By accepting crypto at physical retail locations within a legalized and regulated framework, the initiative aims to broaden adoption beyond the currently estimated 4 million French crypto owners.
According to the Kantar TNS 2018 survey, an estimated 6.7 percent of French citizens own some form of crypto-asset, which they will soon be able to spend at major retail outlets, if all goes well.
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