Printemps, a cornerstone of French luxury retail, has taken a bold step into the digital age by becoming the first European department store network to accept cryptocurrency payments. Thanks to a strategic collaboration with Binance, the world’s leading blockchain ecosystem and cryptocurrency exchange, and Lyzi, a fintech innovator specializing in crypto payments, Printemps customers can now pay with Bitcoin, Ethereum, stablecoins, and other digital assets across its 20 stores in France.
A Milestone for French Retail Innovation
The integration of Binance Pay into Printemps’ payment ecosystem is a groundbreaking move that caters to the growing community of over 6.5 million cryptocurrency users in France. This innovative payment option allows customers to shop for premium fashion, beauty, and lifestyle products with ease, marking a new era for luxury retail.
Emmanuel Suissa, Chief Partnership Officer of Printemps, emphasized the significance of this development, saying, “We are proud to be the first department store network in France 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 modern and connected consumers with the latest Web3 solutions.”
Seamless and Secure Crypto Payments
The process is designed to be as user-friendly as possible. Customers simply scan a QR code at checkout using their Binance app, select their preferred cryptocurrency, and confirm the transaction. The entire process takes seconds, providing a fast and secure payment alternative. Binance Pay’s technology, integrated through Lyzi’s platform, ensures smooth conversion of cryptocurrency into euros, shielding retailers from market volatility.
Transactions are settled within 24 to 48 hours, offering both security and convenience. Binance, with over 240 million global users, brings its expertise in blockchain technology and digital payments to the collaboration. Binance Pay enables fast, secure, and fee-free payments for merchants, enhancing financial accessibility and inclusivity.
David Princay, CEO of Binance France, stated, “As retail continues to evolve, we are proud to see our technology support 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, a French fintech launched in 2022, has rapidly expanded its presence to over 100,000 points of sale. Its platform acts as a connector between point-of-sale systems and payment terminals, making it a key enabler for this project.
Damien Patureaux, CEO of Lyzi, remarked, “This partnership allows Printemps to offer a cutting-edge payment solution that aligns with the evolving needs of today’s digital consumers. We are proud to support Printemps in enhancing the shopping experience to reinforce its position as a leader in retail innovation and the future of commerce.”
The Future of Retail and Cryptocurrency
Founded in 1865, Printemps has long been synonymous with French elegance and retail excellence. With 20 department stores across France and an extensive e-commerce presence, Printemps has consistently adapted to the times, recently embracing circular economy initiatives and now, cryptocurrency payments. The collaboration with Binance and Lyzi further underscores Printemps’ commitment to blending tradition with innovation.
The integration of cryptocurrency payments into traditional retail is not just a novelty; it represents a growing trend in how consumers wish to interact with brands. For Printemps, this move is as much about embracing the digital economy as it is about enhancing the customer experience. Overall, partnerships like this could pave the way for other luxury retailers to follow suit, bridging the gap between traditional commerce and the decentralized financial ecosystem.
