Despite the crypto sector still being in its early phases of maturing, French retailers are mass adopting the cryptocurrencies as a new way of making payments.
By Q1 of 2020, more than 25,000 point-of-sales at over 30 retail merchants will be available for customers. Some of the retailers include giants like Decathlon, the home decore store Maisons Du Monde and the perfume outlet Sephora. Other companies that are placed on the list include Boulanger, Foot Locker, Conforama, and Global POS.
The participating retailers will use Global POS’ Easy2Play and EasyWallet services. The expected launch of the system is set to take place no further than Q1 of 2020, but initial tests may happen even sooner.
“Retailers’ business as usual model will not be affected by the implementation. The exchange will carry the conversion of cryptocurrencies into fiat”, was stated during the Paris Retail Week.
French retailers unite for crypto adoption amid the long-awaited Libra launch, scheduled for 2020. The stablecoin, developed by Facebook and their partners may provide a positive push towards even greater crypto adoption by merchants.
GlobalPOS, which claims to be a leader in the area of dematerialized payments, stated that retailers could join in “the universe of the 3.0 economy without risks”. Stephane Dijane, GlobalPOS founder, added that initially, the platform will support Bitcoin only, with plans for broader crypto acceptance in the months following the launch.
Based on research documentation, three to six percent of France’s population owns or is willing to own cryptocurrencies. For Grégory Hervein, the co-founder of cat and dog products business Mustaches, the adoption of crypto is a challenge.
“We are all aware of the expectations the public has when it comes to cryptocurrencies. We are sending a message to the whole community by adopting cryptocurrencies”, Hervein added.
Retailers’ main concerns are about crypto volatility, as the crypto sector matures. Bitcoin, for example, recorded lows of $9,427.99, and highs of $10,873.82 over the past month.