The cards and payments market in France report by ResearchFolks provides a deep insight into the current payment cards system in the country along with the total number of cards in circulation, several types of payment cards and their numbers, total transactions happening, average transactional values, market contributors and so on. France cards and payments industry is greatly affected by the cash transactions as people tend to use the money for their mundane low-level purchases. However, this trend is anticipated to decline in the following years with the increasing preference for payment cards among customers and government initiatives supporting enhanced security to encourage the people for card transactions.
Debit cards accounted close to 68% of total transactional value in 2015, where the leading five card issuers accounted approximately 75% of total debit card transactions. According to World Bank Global Findex survey, French population with the age 15 or above having bank account crossed 96% in 2014 itself. The debit card penetration was estimated in 2014 to cross 2 cards per individual by 2019. E-commerce also acted as a catalyst for the growth of industry in France markets. The market for online shopping is estimated to cross USD 100 billion by 2019.
The increasing number of Point-of-sale terminals, the advent of contactless payments along with the growing number of merchants allowing card payments is the major factors fueling the market for cards and payments in France. The rising number of purchasers over the internet, government campaigns encouraging customers to use payment cards and the progressing retail sector are expected to increase the value of card-based transactions in the following years. Although cash transactions dominate the market now, the Eurozone crisis along with high unemployment levels and declining household incomes are forcing customers towards the use of payment cards for retail transactions.
Apart from credit cards and debit cards, prepaid cards also play a vital role in the payment cards market of France. With the ability to control the funds in such cards, parents prefer to give their children prepaid cards instead of other payment cards beneficial to young adults, teenagers and travellers.
The leading banking organizations like BNP Paribas, BPCE, Crédit Agricole, La Banque Postale, and Credit Mutuel-CIC are promoting the cards and payments industry in France by providing more convenient banking facilities to its customers and migrating towards contactless payments.