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In a recent press release by retail software firm Global POS at the Paris Retail Week, it was announced that a new crypto payment method will enable 25,000 major retail stores in France to accept payments in Bitcoin(BTC)trade by 2020.
The system will use the applications “EasyWallet” and “Easy2Play,” which will enable 30 major French retailers to accept Bitcoin as a mode of payment; these retailers include Sephora, Foot Locker, Norauto, Conforama and Decathlon. Even though the payments will be in Bitcoin, the currency will be changed to Euros at the time of transaction.
Back in January, some tobacco shops around Paris started accepting payments in Bitcoin. This invoked a mixed reaction from France’s Central Bank and the regulators. By introducing digital payment systems such as EasyWallet and Easy2Play, the public and the banks can become more accepting of digital currency.
Deskoin and Savitar, two of the partners in the initiative, are currently under process of getting registered under France’s PACTE Act to enable the conversion of Bitcoins to euros.
With the help of Nepting and Famoco, SMEs, restaurants and other retails chains will be able to accept payments in cryptocurrency. This will be done without compromising on the user experience of the buyers. With the help of plug and play solutions, the user habits would not need to change, ensuring that the buyers are comfortable while making the transactions.
In a research conducted by Kantar TNS, currently more than 4 million of French citizens (6.7% of thhe population) own cryptocurrencies. This system will promote use of these virtual currencies and encourage more people to join the crypto world.
The co-founder of Whiskers, Gregory Hervein, commented about the new partnerships:
“The acceptance of cryptocurrencies is a real challenge for retailers, we are aware of the expectations of the public and the scope of the message we send to a whole community.”
According to him, creating a more user-friendly ecosystem will help cryptocurrencies gaining more traction.
The CEO and founder Global POS, Stéphane Djiane, talked about how partners such as Deskoin and Savitar are working towards integrating the system within the legal framework. According to Djiane, even though initially the system targets Bitcoin, more digital currencies are expected to join the platform in the near future.
The digital payment system is based on the legal framework that was introduced by the French government through the PACT Act. Due to this, no legal hiccups are expected when the transactions are made.