Printemps accepts cryptocurrency payments

The Printemps chain has just recently announced its intention to accept a new means of payment to pay for purchases in its department stores. And this means of payment is cryptocurrencies, allowing Printemps to register as a player in the democratization of these means of payment.

FACTS

• The Printemps retail chain now accepts cryptocurrencies such as Bitcoin and Ethereum, as well as Stablesoins.

• To be able to accept these new payment methods, Printemps is counting on a partnership signed with Lyzi, a cryptocurrency payment app based on QR Code scanning, and crypto giant Binance.

• For customers, the process is presented as simple. A QR Code dedicated to cryptoasset payments is thus presented at the checkouts of Printemps stores from now on. A simple scan of these QR Codes via a smartphone then takes customers to a dedicated page for selecting their cryptocurrency.

• All 20 Printemps stores across France are covered by this rollout.

CHALLENGES

• Signing a first: With this partnership, Printemps can boast of becoming the first European department store to accept cryptocurrency payments.

• Satisfying a need: Printemps highlights the fact that France is said to have over 6.5 million cryptocurrency users. This figure should even be revised upwards according to a Gemini study dating from last September. The percentage of cryptocurrency owners in France would thus be 18%, which would represent around 12 million people.

MARKET PERSPECTIVE

• With competition from e-commerce on the rise, department store chains are having to come up with ingenious ways of attracting consumers back to their shelves. Offering new payment methods is one of the strategies that can be employed to achieve this goal.

• While Printemps has made the strategic choice of accepting cryptoactives, other retailers are banking on the acceptance of foreign payment systems to attract tourists. This was the strategy adopted by Galeries Lafayette last July. The department store chain announced the deployment of UPI, India's instant payment system.