French luxury store Printemps has announced on November 30th, 2024 that the store will now be accepting payments using cryptocurrencies.
The move comes as the first for a retail store in Europe and makes the luxury store in tandem with 250+ brands that now accept cryptocurrencies payments.
Printemps Jumps On Crypto Payment Bandwagon
Printemps, the second-biggest luxury department store in France, has become the first major European retailer to accept cryptocurrency payments.
According to the blog post, the retailer partnered with French fintech company Lyzi and global cryptocurrency exchange Binance to offer Binance Pay, a payment solution that enables digital currency purchases in all 20 of Printemps’ locations throughout France.
The introduction of cryptocurrency payments in all of Printemps’ locations will “allow over 6.5 million French cryptocurrency users to take advantage of new payment options, thanks to the latest Web3 solutions,” the company added.
“With features that guarantee quick, safe, and easy payments, it will also enhance our customers’ shopping experiences,” it added.
Printemps’ Move Comes As France Sees Rise In Crypto Adoption
The move by Printemps comes at a time when France has experienced a rise in crypto adoption. By the end of 2024, it is anticipated that the French cryptocurrency market will generate US$1,238.0 million.
It is also expected to show a 4.12% annual growth rate (CAGR 2024-2025), which would bring the total estimated amount to US$1,187.0m by 2025. By 2024 end, it is projected that the average revenue per user in the cryptocurrency market will be $70.2.
The United States will have the highest revenue when compared globally, with US$9,788.0 million in 2024. Additionally, by 2025, there are expected to be 17.72 million users in France’s cryptocurrency market.
By 2025, it is anticipated that the user penetration rate will have risen to 27.26% from 27.18% in 2024.
France is seeing a surge in the use of cryptocurrencies due to its progressive regulatory environment and increasing interest from institutional investors.
Printemps New Addition To Payment Options Comes As Crypto Payments Surge Worldwide
Although cryptocurrency and stablecoins are well-known as trading assets or investment tools, they are also used frequently in regular transactions.
According to a number of reports and surveys, these digital currencies are a rather unusual form of payment but still accepted by over 250+ brands. According to data on the most widely used e-commerce payment methods worldwide, stablecoins and private cryptocurrencies accounted for less than 0.2 percent of all e-commerce transactions in 2022. However, this number is rising with a higher adoption of crypto worldwide.