The growth of online commerce
In France, e-commerce displayed significant growth during the review period. The adoption of digital platforms for shopping has been rapid and supported by the high penetration of broadband connections. This growth offers an opportunity for banks and other card providers. The e-commerce value in France Cards And Payments Market posted a CAGR of 18.07%, to reach EUR118.3 billion (US$166.6 billion) in 2018.
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The growth of retail sales
The growth of retail sales is indicative of the scope of card-based transactions. Retail industry expansion was caused by an improvement in annual disposable incomes, a rising consumer demand for high-quality products, and urbanization. The increase in retail sales volume is expected to expand the scope of card-based payments. The growth of POS terminals is an important infrastructure driver that increases the scope of card-based payments. The installation of POS terminals at retail outlets is expected to increase the potential of France Cards and Payments. POS terminals penetration (per 100,000 inhabitants) is expected to reach 3,975.7 in 2018.
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Adoption of contactless technology:
The adoption of contactless technology is rising among French consumers. According to Visa Europe, more than 450,000 contactless purchases were made in France. For example, Cityvox, a subsidiary of France Telecom Group, provides NFC-enabled system enables customers to provide reviews for restaurants through their mobile phones. Stade de France, in collaboration with Orange, implemented an NFC ticketing system at the stadium from 2011, allowing ticketholders to use their phones as a virtual ticket. Furthermore, Air France, in partnership with Amadeus and IER Group, offers NFC-enabled boarding passes, Pass and Fly, at Nice Côte d’Azur Airport
Leading Companies Dominating the France Cards and Payments Market:
- BNP Paribas
- Groupe BPCE
- Crédit Agricole
- La Banque Postale
- Credit Mutuel-CIC Group
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