France Cards And Payments Market Share and industry report by 2023-Market Data Forecast

(EstateNewsWire.com, November 20, 2018 ) Market Overview:

France is the world’s most visited country and the third-largest in terms of income generated from tourism with around 80 million foreign tourists visit France on an annual basis.

In terms of number of cards in circulation, the card payments channel as a whole grew at a compound annual growth rate (CAGR) of 3.20% during the review period, primarily driven by the prepaid and debit card categories. The credit and charge card categories registered a decline during the review period. The slow growth was primarily the result of the financial and European debt crises.

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During the review period, prepaid cards registered the highest growth, at a CAGR of 6.84% and debit cards posted a CAGR of 5.95%. Banks employ innovative marketing strategies in the prepaid cards category. These comprise reloading options, personalized gift cards and product bundles. La Banque Postale offers a personalized non-rechargeable gift card targeting people aged 12 and above. The growth in Prepaid cards is mainly due to the strong growth registered by closed-loop cards which posted a CAGR of 10.78%.

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Infrastructural improvements drove industry growth

Growth in mobile commerce (m-commerce) has been encouraged by the increased use of smartphones and tablets. The increasing capabilities of smartphone devices, an exponential rise in mobile device applications and falling prices have been instrumental in driving m-commerce.

Growth of e-commerce to drive cards and payments industry

The growing market for online trade in France is one of the primary factors responsible for the expansion of the country’s cards and payments industry. E-commerce sales over the forecast period are expected to increase from EUR52.5 billion (US$69.6 billion) in 2013 to EUR118.3 billion (US$166.6 billion) in 2018. This growth can be attributed to the benefits offered by online retail such as low costs, convenience, promotional offers and discounts, and is expected to further increase credit and debit card ownership.

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Multi-functionality cards

Multi-functionality cards are attracting customers by providing access to several accounts via one card. The most popular combination of functionalities is debit and credit facilities. This concept was first offered in Australia and then adopted by other countries. Crédit Agricole is offering MasterCard Dual Action, a credit card which can be used as a debit card by selecting the ‘Cash’ option at payment terminals.

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abhishek@marketdataforecast.com

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