The Printemps store network now offers its customers the option to pay for their purchases in cryptocurrency. An update on the conditions of use and the risks inherent to these virtual currencies.
Since the end of November 2024, all Printemps customers can pay for their purchases with their cryptocurrencies (bitcoins, ethereums and stablecoins). This innovation is possible in the 20 addresses of the network, including the famous brand on Boulevard Haussmann in Paris, opened in 1865.
Scan a QR code at checkout
In Italy, Hungary or Estonia it is possible to pay for a taxi ride in bitcoin. In Paris, the Beaugrenelle shopping center in the 15the arrondissement has offered this payment solution since June 8, 2022, but only to pay for their gift card, which can be used in all the shops and restaurants in the center. In Printemps, customers can pay for all types of purchases (fashion, beauty, etc.) directly in bitcoins. The objective of this marketing approach is to attract new high-end customers and increase the network's revenues by paying lower transaction fees.
In practice, when they go to the checkout, customers are asked to scan a QR code, then select the currency of their choice before confirming the transaction. The transaction is carried out on the Binance exchange platform and takes place with its payment solution Binance Pay, as well as with the French fintech Lyzi. Payments are then remitted in euros in order to protect the store from any fluctuations in the cryptocurrency market.
How does it work?
To pay in bitcoin, the buyer must hold a digital wallet called walletwhich allows you to buy or sell. It is created as a single algorithm. Its holder has a public key, accessible to third parties, such as an IBAN in the event of a transfer, to which a private key corresponds. This private key must remain confidential since it alone allows transactions to be generated in the wallet. To pay with this wallet, the buyer scans the merchant's QR code or copies the payment URL of the transaction and pastes it into the “Send” screen of their wallet. The buyer can also hold a physical wallet allowing them to store, send and receive their bitcoins, for example in the form of a USB key. Finally, there are also special payment cards dedicated to payment in cryptocurrency.
No legal status for bitcoin
In France, the only official currency is the euro, in accordance with article L. 111-1 of the Monetary and Financial Code. This is also the case for all countries in the euro zone. This means that creditors are required to accept payments in euros. However, nothing prevents them from accepting foreign currencies, or even virtual currencies. “Merchants are therefore free to accept or refuse cryptocurrencies,” indicates the website of the Ministry of Economy and Finance. Within the European Union, these are not regulated by member states or by central banks. They therefore constitute very volatile assets. According to the European Consumer Center (ECC-Net), “their prices can vary up or down in a very short time, depending mainly on supply and demand. The value of these currencies is extremely unpredictable, because they are very sensitive to macroeconomic developments, particularly in periods of war and inflation.” In addition, these digital currencies cannot benefit from the deposit guarantee fund since no deposit is made in the bank. Finally, their holders are exposed to a radical technical risk. If they lose their physical wallet (USB key), their crypto-assets are permanently lost. Idem if they forget their private key. And if they get the payment recipient's address wrong, they can't cancel the transaction or get their change back.
Growing interest among French people in crypto-assets
In France in 2023, 6.5 million people (12%) held a cryptocurrency portfolio (compared to 9.4% in 2022), according to a KPMG study published in March 2024 (Web 3 and Crypto In France and Europe) . The Netherlands and the United Kingdom have the highest detention rates, at 17% and 16% respectively. However, France is catching up by being the only country whose number of active holders is growing. “The majority of crypto-asset holders already own traditional financial products and see this new asset class as an opportunity for diversification.”
Law No. 2019-486 of May 22, 2019 relating to the growth and transformation of businesses, known as the law Pact,offered a first legal framework for cryptocurrencies. In particular, it provides for a regulatory framework for digital asset service providers (PSAN), that is to say regulation of providers offering the purchase or sale of cryptocurrencies, the conservation, placement or even portfolio management of cryptocurrencies. The law distinguishes two categories of service providers. Some are required to register with the Financial Markets Authority (AMF). These are service providers who carry out the conservation of cryptocurrencies on behalf of third parties (holding, storage, transfer) as well as service providers carrying out the purchase or sale of cryptocurrencies in legal tender, the exchange between crypto -assets, the operation of a cryptocurrency trading platform. Other providers may, if they wish, request optional approval. These are providers offering other services, such as cryptocurrency exchange platforms, cryptocurrency investment services or cryptocurrency investment advice, for example. This approval can be obtained provided that several criteria are met, such as the existence of a professional civil liability contract or sufficient equity.
