PARIS – Legacy department store Printemps is moving with the times. The 159-year old French retailer will now accept cryptocurrencies through a partnership with Binance Pay and Lyzi.
The move makes it the first department store in Europe to accept crypto, it said on Wednesday. The payment method will be available in Printemps’ 20 branches in France.
“We are proud to be the first department store network in Europe 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 connected consumers with the latest Web3 solutions,” Printemps director of partnerships Emmanuel Suissa said in a statement.
Crypto holders will be able to use Binance Pay, the payment arm of crypto exchange Binance, via the payment platform Lyzi. The French startup is a “plug-and-play” solution that integrates with the cash register at the point of sale and does not add fees for brands and merchants. Merchants receive the payments within 48 hours.
Customers must scan a QR code tied to their Binance account and select their cryptocurrency of choice, and confirm the transaction. Shoppers will be able to pay in Bitcoin, Ethereum and the stablecoins Euri, tied to the euro, and USDC, tied to the dollar.
“As retail continues to evolve, we are proud to see our technology supporting 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,” said Binance France chief executive officer David Princay.
“This partnership allows Printemps to offer a cutting-edge payment solution that meets the ever-changing needs of today’s digital customers,” added Lyzi CEO Damien Patureaux. “We are very proud to support Printemps in improving the shopping experience to strengthen its position as a leader in retail innovation and the future of commerce.”
Richard Teng, former monetary regulator in Singapore, took over as CEO of Binance in November last year, following the departure of founder Chengpeng Zhao. Zhao pleaded guilty to allowing money laundering through the exchange, and the company was fined $4 billion by U.S. authorities at the time.
Printemps joins a handful of luxury brands that accept cryptocurrency payments.
Balenciaga has authorized crypto payments at its flagship stores, including on Madison Avenue in New York and Rodeo Drive in Beverly Hills, as well as on its website.
Gucci accepts cryptocurrency at its key U.S. stores, while LVMH Moët Hennessy Louis Vuitton-owned Tag Heuer’s U.S. e-commerce site takes 12 cryptocurrencies including Bitcoin, Dogecoin and Ethereum through a solution provided by BitPay.
Brands including Ralph Lauren, Abercrombie & Fitch, Adidas and Eddie Bauer are also among those that accept cryptocurrencies, along with online marketplaces such as Overstock and Rakuten.
Printemps is set for a U.S. expansion with a spring 2025 opening set for its New York flagship, under development at One Wall Street.
