Crypto payments coming to 25,000 French retailers in 2020

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Cryptocurrency is an increasingly mainstream choice for payments in everyday settings, with a growing number of merchants and retailers onboarding crypto payment options. Now, consumers in France are reportedly set to enjoy a boom in cryptocurrency support, following the announcement of plans for 25,000 retail points of sale to onboard crypto payments in 2020.

The crypto payments will be available through 30 major French retailers, including cosmetics giants Sephora and sportswear firm Decathlon, providing consumers with a point of access for crypto payments—many for the first time, French crypto new outlet Cryptonews reported.

The rollout was announced at this week’s Paris Retail Week, a collaboration between technology company Global POS, EasyWallet and payments service Easy2Pay.

Payments will be made in cryptocurrency at the point of sale, but will be immediately converted into Euros on the merchant side, according to the plans set out this week. The merchant conversion service is to be provided by two firms, Deskoin and Savitar, which are both currently seeking Digital Asset Service Provider accreditations in France.

Describing the development as an “important symbolic step,” CEO and founder of Global POS Stephane Dijane said the rollout would usher 25,000 retailers into what he called “Economy 3.0.”

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.

Amongst the retailers included in the scheme are other notable names, including Boulanger, Foot Locker, World House, Intersport, Cultura, Maisons du Monde and Norauto.

The proposals will allow crypto users to spend cryptocurrency at physical retail locations nationwide for the first time, in a bid to broaden access to the country’s over 4 million crypto users.

Early reports indicate Global POS is already looking to broaden the range of cryptocurrencies supported, with consumer demand at the core of shaping the service. It is hoped the project will help introduce more consumers to using cryptocurrency for payments for the first time, as crypto payments become ever-more commonplace across France and the rest of Europe.