Bitcoin Acceptance in France to Skyrocket in 2020
The first quarter of 2020 will see Bitcoin acceptance in France explode as 25,000 retail outlets will begin accepting crypto payments.
Mainstream cryptocurrency adoption has long been an uphill battle. Many in the crypto ecosystem have made a good bit of cash by buying when prices are low and selling when it goes up, but the real test of staying power for virtual currencies is the ability to be used in everyday life. The long-repeated mantra of being able to use Bitcoin to buy a cup of coffee is the perfect example. Now it appears that mainstream acceptance of cryptocurrency is going to get a massive boost in France in the first quarter of 2020.
The Coming Boom
The reason for this coming explosion in crypto acceptance is that over 25,000 retail outlets, representing roughly 30 brands, will begin accepting such payments next year. This circumstance is due to the East2PlayPayment solution and the EasyWallet app, which was developed in partnership with Global POS.
Users will be able to pay with Bitcoin initially starting in the first quarter of 2020. The Bitcoin payment will immediately be converted into euros, which are then sent to the merchant. Some of the brands participating in this venture include Sephora, Decathlon, Mustaches, Intersport, Foot Locker, Maison du Monde, Boulanger, and Conforama.
Stephane Djiane, Global POS CEO, notes that other cryptocurrencies will eventually be added, stating:
Initially, the service we offer will only allow the use of Bitcoins. Our goal is to open our solution to other cryptocurrencies in the future.
Grégory Hervein, co-founder of Mustaches (products for dogs and cats), added:
We are happy to be able to make this ecosystem more concrete for consumers and enter the crypto-economy in a legal framework.
Crypto Marching On
The mainstream adoption of Bitcoin and other cryptocurrencies continues to march along. Back in May, the Flexa payments network partnered with the Gemini exchange to create the SPEDN app. This app allows users in the United States to spend cryptocurrency at over 30,000 retail locations.
The SPEDN app lets users spend Bitcoin, Bitcoin Cash, Ethereum, and the Gemini Dollar at major retailers by holding up the app on their smartphone at the point of sale. Some of the retailers that have partnered with the app include Barnes & Noble, GameStop, Lowe’s, Office Depot, Petco, Whole Foods, Nordstrom, Jamha Juice, Baskin Robbins, Office Max, and Starbucks.
In the United Kingdom, accounting firm BKL announced they will start accepting Bitcoin and Bitcoin Cash payments from clients. The company is working with BitPay to process the payments, which will feature a conversion rate based upon the average price of the cryptocurrency on leading regulated exchanges.
Jon Wedge, Financial Services partner at BKL, said:
We are pleased to now offer this option [cryptocurrency] to clients. We support people and businesses that work with cryptocurrencies and blockchain and this move has been driven by demand from our clients. It’s a convenient way for many of them, particularly those in the fintech and technology sectors, to buy our services.
As payments become increasingly digital in nature, one could reasonably expect a growing acceptance of virtual currencies as a viable payment option. While the market capitalization of virtual currencies is far outstripped by fiat, it still represents a sizable economic pie that any merchant will want a slice of.