The Innovative Expansion Marks Printemps as the First Department Store in Europe to Embrace Crypto Payments
Printemps, the French department store chain with a history spanning nearly 160 years, has announced its decision to accept cryptocurrency payments. This innovative move, facilitated through a collaboration with Binance Pay and Lyzi, sets Printemps apart as the first department store in Europe to embrace crypto currency payments. The method of payment will be incorporated into their 20 stores across France.
Emmanuel Suissa, Printemps’ director of partnerships, expressed pride in the company’s bold move, remarking, “We are proud to be the first department store network in Europe to offer this option to our local and international customers. By partnering with Binance and Lyzi, we are enhancing our customers’ shopping experience and adapting our services to the needs of today’s connected consumers with the latest Web3 solutions.”
Crypto holders can utilize Binance Pay, the payment division of crypto exchange Binance, via payment platform Lyzi. A French startup, Lyzi integrates into point of sale cash register systems, enabling cryptopayments without adding extra fees for either brands or merchants. Payments reach merchants within a period of 48 hours.
Crypto payments are initiated by scanning a QR code linked with the customer’s Binance account, selecting the preferred cryptocurrency, and confirming the transaction. Customers may use Bitcoin, Ethereum, or the stablecoins Euri, aligned with the euro, and USDC, pegged to the dollar, for their purchases.
Binance France’s CEO, David Princay, expressed pride over Binance’s contribution to Printemps’ manoeuvre, stating, “As retail continues to evolve, we are proud to see our technology supporting such an iconic French brand as Printemps. This initiative demonstrates the synergy possible between traditional luxury retail and innovative financial solutions, offering an enriched shopping experience.”
Lyzi CEO Damien Patureaux also commented on the innovative partnership, saying, “This partnership allows Printemps to offer a cutting-edge payment solution that meets the ever-changing needs of today’s digital customers. We are very proud to support Printemps in improving the shopping experience to strengthen its position as a leader in retail innovation and the future of commerce.”
The announcement from Printemps follows in the footsteps of luxury brands including Balenciaga, accepting crypto payments at its flagship stores and online, and Gucci, which allows cryptocurrency payment at its key U.S. stores. Brands such as Ralph Lauren, Adidas and Abercrombie & Fitch also accept cryptocurrency, alongside online marketplaces like Overstock and Rakuten.
Apart from this significant shift towards the digital, Printemps is also looking forward to expanding its footprint in the US, with a flagship store planned for a spring 2025 opening at One Wall Street.