Payments in France 2017: What Consumers Want
Credit card usage is low in France due to aversion to debt among French consumers, stringent credit card issuance guidelines, and the availability of private-label cards, which unlike bank-issued credit cards carry less stringent qualification requirements. Private-label card issuers collaborate with supermarkets, car repair workshops, and retailers of digital content to issue co-branded private-label cards.
French e-commerce market is highly developed, ranking as the fifth-largest globally in terms of spending behind China, the US, the UK, and Japan. The e-commerce market posted a compound annual growth rate (CAGR) of around 13% between 2013 and 2017 as consumers became increasingly comfortable shopping online. French consumers use their payment cards heavily online, driven by comfort, convenience, and security.
French payments market is mature and highly competitive, registering the highest turnover per card for 2017 among peers including the UK, the US, Germany, Italy, Spain, and Canada. Average annual spend per card is also the highest in France. Debit and charge are the most popular types of cards, while credit card usage is low due to the debt-averse nature of French consumers. Many are still heavy users of cash, but those who do possess cards - particularly debit and deferred debit cards - use them frequently at the POS.
France has a highly developed POS infrastructure, with a large number of POS terminals overall as well as a large proportion of contactless-compatible terminals, driven in part by the French government’s efforts. A typical feature of France’s payment card market is the availability of multi-functional cards, whereby a single payment card is integrated with more than one function, providing access to several accounts via one card. The most popular combination is debit and credit facilities.
The report Payments in France 2017: What Consumers Want, examines the consumer payments market in France, considering payment cards, online payments, P2P payments, and newer payment technologies such as mobile wallets and contactless. The report also examines the main regulatory players overseeing the market.
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