The Binance Pay cryptocurrency payment system, in partnership with fintech company Lyzi, is now available at over 80 venues on the French Riviera. This collaboration aims to integrate digital assets into the region's luxury tourism and retail economy.
Launch of the Payment System
The Binance Pay system supports over 100 cryptocurrencies, including euro and dollar-backed stablecoins. Customers can make purchases by simply scanning QR codes, allowing for instant and gas-free settlements. Notable venues accepting crypto payments include JW Marriott and Hotel Gray d'Albion in Cannes, as well as beach clubs and luxury retailers in Monaco.
Growing Interest in Crypto Payments in Tourism
The partnership on the French Riviera responds to rising consumer demand for crypto payment options in the luxury tourism sector. According to [Coinlaw](https://coinlaw.io/cryptocurrency-adoption-statistics/?ref=btcpeers.com), travel and tourism experienced a 30% increase in crypto bookings in 2024. Local business leaders, including Cannes mayor David Lisnard, are urging the adoption of digital payments to seize opportunities presented by current trends.
Industry Implications for Cryptocurrency
The deployment on the French Riviera reflects a broader trend of cryptocurrency adoption in the luxury retail sector. Research from [Deloitte](https://www.cnbc.com/2022/07/29/deloitte-75-percent-of-retailers-plan-to-accept-crypto-payments-in-2-years.html?ref=btcpeers.com) shows that 75% of retailers plan to accept cryptocurrencies within the next two years. However, traditional financial institutions remain cautious regarding the widespread adoption of cryptocurrencies due to regulatory challenges.
The partnership between Binance Pay and Lyzi highlights the significance of integrating crypto payments into the luxury tourism and retail sector, which may facilitate further expansion of the crypto economy.
