By early 2020, major French retailers will accept Bitcoin payments and this includes sportswear giant Decathlon and cosmetics store Sephora.
French retailers are gradually widening acceptance of payments in cryptocurrencies. Today at Paris Retail Week, a group of companies headed by Global POS (point of sale) has announced that starting in early 2020 Bitcoin will be accepted as a payment method in 25,000 stores across France.
French retailers to accept Bitcoin payment next year
French crypto news source Cryptonews has today reported the development after it was announced during Paris Retail Week. Retailers signing up to the scheme will use the EasyWallet application and payments platform Easy2Play, in partnership with tech provider Global POS.
At the moment, about 30 major French retailers have agreed to accept the flagship cryptocurrency in their stores at more than 25,000 sales points. Among them is the American footwear company Foot Locker, along with numerous French brands such as sportswear giant Decathlon, cosmetics retailer Sephora, and furniture and home decor store Maisons Du Monde.
Payments made in Bitcoin will be automatically converted into euros at the moment of sale. French cryptocurrency trading platforms Deskoin and Savitar will provide conversion services. Both companies are currently applying for Digital Asset Service Provider accreditations under France’s PACTE Act.
“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,” Stéphane Djiane, CEO and Founder of Global POS told Cryptonews.
Massive retailers start accepting Bitcoin
Despite the inherent nature of Bitcoin volatility, many companies around the globe are now accepting Bitcoin as a method payment and are also enabling their consumers to use it at their physical and online retail stores within a legalized and regulated framework.
This initiative is aimed at broadening the adoption beyond the current Bitcoin owners.
Back in June, AtoZMarkets reported that Portuguese sports club SL Benfica has started accepting Bitcoin payment from fans who purchase match tickets and merchandise through the official Benfica online store.
Earlier this month PwC, one of the 4 largest auditing firms in the world announced that it will accept cryptocurrencies as a means of payment in October in its Luxembourg office.