France Payments Market Size (2024 - 2029)

France Payment Market Analysis

The France Payments Market size is estimated at USD 209.78 billion in 2024, and is expected to reach USD 369.40 billion by 2029, growing at a CAGR of 11.98% during the forecast period (2024-2029).

• E-commerce has been a significant factor driving the French payments market. The increasing popularity of online shopping has led to a surge in digital transactions, prompting a shift from traditional card payments to alternative methods. E-wallets and digital payment platforms have gained traction as consumers seek convenient and secure ways to make online purchases. Furthermore, the emergence of buy now, pay later (BNPL) services has added flexibility to payment options, particularly among younger demographics.
• Consumers shopping online increased significantly in Europe. According to a survey, mobile transactions contributed 50% of the total online sales in Europe. Digital wallets are the most preferred payment option, and nearly 44% of Europeans would rather pay using e-wallet apps. Merchants also favor digital wallets as they follow the Payment Services Directive rule (PSD2) that guarantees safe payments. Also, these are quick to set up and cost-effective.
• The payment industry in France is constantly evolving. As part of its National Retail Payments Strategy (2019-2024), Banque de France has devised several initiatives that commercial banks and payment service providers are implementing to minimize reliance on cash and move the country closer to a cashless society.
• The Bank de France has developed several initiatives that commercial banks and payment service providers are implementing as part of its National Retail Payments Plan (2019-2024) to reduce dependency on cash and bring the nation closer to a cashless society. These schemes will accelerate the growth of digital payments in the country.
• Carrefour launched a WhatsApp feature for customers to order through the platform. The consumers could place orders on Carrefour Father Christmas bot on WhatsApp, and for payment and delivery slots, they were directed to the company website for final checkout. This strategy allowed the company to manage orders from social media platforms outside the e-commerce website.
• Further, COVID-19 triggered a massive increase in online purchasing, and the current levels were maintained. This surge in online payments increased the demand for contactless or digital payments. According to a survey, 83% of consumers worried about touching a credit card payment reader and took to pay apps for making payments.