French retailers widening crypto acceptance
September 24, 2019, 10:55 am

French retailers widening crypto acceptance

Consumers will soon be able to pay in crypto at more than 25,000 sales points at around 30 retailers. (File photo Supplied)

French retailers are gradually widening acceptance of payments in crypto currencies, a group of companies said Tuesday on the sidelines of Paris Retail Week.

By early next year, consumers will be able to pay in crypto at more than 25,000 sales points at around 30 retailers including sportswear giant Decathlon, perfume outlet Sephora and furniture and home decor store Maisons Du Monde.

Retailers signing up to the scheme will use the Easy2Play payment platform and the EasyWallet application, in partnership with Global POS (point of sale) technology with the system due to come on stream from the first quarter of next year.

“The usual functioning of the brands will not be affected as the exchange platforms will deal with the conversion of crypto currencies into euros,” the statement read.

Crypto currencies, despite regulatory grey areas, have been gradually making inroads into commerce with bitcoin leading the way and social network Facebook is out to get in on the act with its Libra digital money slated for a 2020 rollout.

Global POS, a French platform founded in 2004, presents itself as “the leader of the dematerialization of payments, prepaid securities and digital payment.” The platform says the payments system will afford retailers a chance to “enter, without risk, the universe of the 3.0 economy,” interlinking science, business innovation and sustainability.

“If, to start off with, the service we are offering will only allow spending bitcoins, our objective is to open up our solution to other crypto currencies in the future,” stated Global POS founder Stephane Djiane.

Often volatile bitcoin, which first hit dollar parity in 2011 and soared to the brink of $20,000 per unit in December 2017 before a slump to around $6,000, has spent most of this year around the $10,000 mark.

Oil prices drop on weak economic data, restored Saudi oil supply Google wins in ‘right to be forgotten’ fight with France

BENEFIT, the Kingdom’s innovator and leading company in Fintech and electronic financial transactions service, has announced its sponsorship of the “Innovation and Sustainable Technology Solutions Competition (GU - IST Solutions), hosted by Gulf University at its main campus.
This strategic sponsorship reflects BENEFIT’s active role in advancing technological innovation and fostering sustainable solutions to future challenges. It also seeks to empower Bahraini youth by enhancing their skills, capabilities, and competitiveness in innovation and solution development—contributing meaningfully to the broader goals of sustainable development across all sectors.
As part of BENEFIT’s active involvement in the competition, the company has announced that Hanan Abdulla Hasan, Senior Manager of Public Relations and Communication, will serve on the competition’s supervisory committee. Her upcoming participation reflects BENEFIT’s forward-looking commitment to championing academic and professional excellence.
Commenting on the occasion, Hanan Abdulla Hasan, Senior Manager of Public Relations and Communication at BENEFIT, said, “We are privileged to support this pioneering initiative, which aligns seamlessly with BENEFIT’s enduring commitment to fostering innovation and nurturing the potential of Bahrain’s youth. Our participation is rooted in a deep sense of social responsibility and a firm belief in the pivotal role of innovation in shaping a sustainable future. Through such platforms, we seek to empower the next generation with the knowledge, skills, and foresight required to develop impactful solutions that address future challenges, in line with the United Nations Sustainable Development Goals 2030.”
Dr. Aseel Al Ayash Dean of the College of Engineering in Gulf University commented, “We extend our sincere gratitude to BENEFIT for their generous sponsorship and support of the Innovation and Sustainable Technology Solutions Competition. This contribution plays an instrumental role in helping us achieve the strategic goals of this initiative, namely, cultivating a culture of innovation and sustainability, encouraging efforts that address the imperatives of sustainable development, and enhancing the practical and professional capabilities of our students and participants.”
The event will bring together a diverse spectrum of participants, including secondary school students, university undergraduates, engineers, industry professionals, entrepreneurs, academic researchers, and subject matter experts representing a wide range of disciplines.
The competition seeks to inspire participants to develop and present innovative, sustainable technologies aimed at addressing pressing environmental, social, and economic challenges. It encourages the formulation of business models that integrate advanced technological solutions with core principles of sustainability. Moreover, it serves as a platform for emerging leaders, entrepreneurs, and innovators to contribute to the advancement of the Sustainable Development Goals, promote the ethos of responsible technology, and demonstrate its transformative potential across various sectors.
Attendees will have the opportunity to view a series of project presentations submitted by participants, covering diverse areas such as eco-friendly product design, smart and sustainable innovations, renewable energy technologies, water conservation and management, waste minimisation and recycling, green architectural solutions, and sustainable transportation systems. Outstanding projects will be formally recognised and awarded at the conclusion of the event.