Buying all kinds of goods for bitcoins confidently moves from the category of utopian dreams to a real payment service. In 2020, buying clothes, equipment and everyday items for bitcoins will be as easy as using a bank card. At least in France. In just a few months, 25,000 outlets from well-known companies, including sports giant Decathlon and cosmetic brand Sephora, will start accepting bitcoins for payment.
The initiative was announced on September 24 during the Paris Retail Week - the largest retail event in Europe. The author of the idea is the Global POS company, which is engaged in the development of software for outlets. The company will create conditions that make it easy to pay for any goods in bitcoins.
The process will be as simple as when paying by credit card:
You come to the store and take what you need. All prices are still in Euros.
Go to the checkout, but instead of paying in cash or by card, use a BTC wallet on your smartphone.
The terminal automatically displays the value of the goods in bitcoins at the current rate.
You make a payment: generate a QR code and present it to the seller.
That's it, the deal is done! Plus, nobody loses anything: you give away bitcoins, and the store immediately receives euros, as if you used Visa or MasterCard.
The service looks very powerful, and it is obvious that it is unrealistic to realize everything with the forces of one program. In this mechanism, 3 key links are involved, not counting the Bitcoin network:
Especially for this initiative, Global POS has developed the Easy2Play payment platform and the EasyWallet application. They will enable customers to make payments on the MTC, and stores will accept crypto payments. Moreover, the solutions are compatible with the terminals from Nepting and Famoco, which are installed in tens of thousands of stores and restaurants throughout the country.
Deskoin and Savitar will convert bitcoins into euros. Currently, firms are accredited in accordance with French law.
Next year, 30 trading companies will connect the possibility of paying for goods in bitcoins to their terminals. They will do this at 25,000 outlets throughout France.
Thus, a whole interconnected ecosystem is created, where each element plays a key role. It’s like brains, heart and lungs - they don’t work separately, but together they form a living organism.
As a result, a completely new payment method will appear in the stores familiar to everyone - a convenient alternative to cash and a credit card. Global POS software solves the main problem of bitcoin as a means of payment - people do not have to wait half an hour, or even longer, until the transaction receives at least one confirmation. Everything will work instantly: "paid - received." Agree, it would be absurd to allow a situation where the buyer is standing near the checkout and waiting for the transaction to exit the mempool.
Details of the device of the mechanism of instant payments have not yet been disclosed, but we at DeCenter think that with the help of Easy2Play and EasyWallet, Lightning Network channels will be created between buyers and stores to instantly pay for products without commissions. Or the authors of the initiative will take the few risks of unconfirmed transactions upon themselves - they will set everything up to verify the fact of sending a BTC transaction with the correct commission using the software features. No wonder it will be possible to use only the EasyWallet application, and not other wallets.
Of the minuses: it is likely that in order to activate a new payment method, you will have to go through the procedure for identifying the person inside the wallet. So the French authorities and shops will be able to track the history of transactions with customers.
Not newcomers to the market will start accepting payments in bitcoins. Among the 30 companies, there are many powerful brands that are popular not only in France, but throughout the world. We highlight the following:
Decathlon is a global sporting goods brand.
Sephora is a global chain of cosmetics and perfumery stores.
Boulanger is a French chain trading in appliances, electronics and household goods.
Foot Locker is an American sportswear retailer operating in 28 countries.
Intersport is a European chain of sporting goods stores.
Cultura is a French company specializing in the sale of leisure products.
Maisons du Monde is a French furniture corporation with stores throughout Europe.
Norauto is a large car repair company worldwide.
Conforama is a European chain of home goods stores.