What: Printemps becomes Europe's first department store to accept cryptocurrencies, including Bitcoin, Ethereum, and stablecoins, through a strategic partnership with Binance Pay and Lyzi across its 20 French locations.

Why it is important: This move in European retail demonstrates how traditional department stores can leverage fintech partnerships to modernise their operations and attract digitally-savvy customers in an increasingly competitive market.

Printemps has marked a significant milestone in European retail by becoming the first department store chain to accept cryptocurrency payments across its network. Through partnerships with Binance Pay and French start-up Lyzi, the retailer now allows customers to pay using Bitcoin, Ethereum, and stablecoins like Euri and USDC in all 20 of its French locations.

The implementation process is streamlined through a QR code system linked to customers' Binance accounts, enabling them to select their preferred cryptocurrency for transactions. This initiative comes as part of Printemps' broader strategy to enhance its customer experience through Web3 solutions. The partnership with Lyzi, which provides a "plug-and-play" solution without additional merchant fees, ensures seamless integration with existing point-of-sale systems and guarantees payment settlement within 48 hours.

IADS Notes: This initiative aligns with broader trends in retail payment innovation during 2024. While some retailers like El Corte Inglés have focused on integrating regional payment solutions like Alipay+, Printemps has taken a more global approach through cryptocurrency adoption. This follows the pattern of successful fintech partnerships in retail, as demonstrated by Klarna's expansion into physical stores.

The move mirrors luxury brands' increasing investment in digital capabilities through strategic partnerships , positioning Printemps as a pioneer in retail payment technology.

Printemps starts accepting cryptocurrencies