Today at Paris Retail Week, a group of companies headed by Global POS has announced that starting in early 2020 bitcoin will be accepted as a payment method in 25,000 stores across France.
Point-of-sale technology provider Global POS, EasyWallet application, and payments platform Easy2Play are joining forces to launch this cryptocurrency payment system in the first quarter of next year. They say their goal is to enable the 4 million French consumers to spend their bitcoin in retail stores.
Around 30 retailers have agreed to accept the world’s largest 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.
“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 the 3.0 economy,” Stéphane Djiane, CEO and Founder of Global POS told a French crypto portal, Cryptonews.
Payments made in bitcoin will be automatically converted into euros when the sale is made. 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.
“With our partners, we want to simplify the adoption of cryptocurrencies as a real means of payment within the framework defined by the law. Though initially, the service we offer will allow only the use of bitcoin, our goal is to open our solution to other cryptocurrencies in the future,” Djiane added.