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Learn moreNov 2020
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The emergence of COVID-19 in France and the subsequent lockdown measures introduced in March in an attempt to control the spread of the virus had a profound negative impact on financial cards and payments in 2020, in terms of the number of cards in circulation, and overall transaction value as price-sensitive consumers hard hit by rising unemployment levels (particularly those in service industries such as tourism and foodservice) and decreasing disposable incomes reduced overall spending. Following a traditional habit in the case of a crisis, the French began to save more money than usual (they tend to be more enthusiastic savers compared to their European neighbours) and limited their non-essential purchases.
On 29 February 2020, gatherings of over 5,000 people were banned in France, with all gatherings banned on 2 March. On 16 March, schools closed and full lockdown was implemented, with non-essential outlets and horeca outlets closed, with only pharmacies and grocery retailers generally remaining open.
The raising of the limit on the maximum transaction permitted to be made by contactless smart cards (using NFC technology) had already been discussed prior to the pandemic by issuers and was scheduled for 2020-2021. However, following the advice from the World Health Organization regarding the promotion of contactless payments to help reduce the spread of the virus through strategic touchpoints including point of sale terminals, the limit was quickly increased in May from EUR30 to EUR50 by the French Bank Federation (FBF).
The emergence of the pandemic limited the ability of issuers to innovate in 2020, with most of them echoing advice from both the government and the World Health Organization regarding safety and social distancing in their communication with customers; this resulted in a greater push of contactless financial cards in addition to warning customers with contact smart cards to disinfect them after use.
As witnessed in 2019, national interbank network Groupement des Cartes Bancaires is likely to remain the leading card payment operator in France in 2020. However, it is also likely to continue to face the growing challenge from international rivals Mastercard and Visa in the wake of regulatory changes implemented under the EU Payment Services Directive; most debit cards in the country for instance are co-badged with international networks in the country, and traditionally CB (Cartes Bancaires) is the default operator.
While there is likely to be ongoing weak consumer sentiment heading into the forecast period, particularly those impacted by unemployment and reduced disposable incomes as a result of the pandemic influencing their spending patterns, the expected rebound of GDP in the country should support the predicted positive performance of consumer payment transactions from 2021 onwards. In addition, France has been fairly successful in supporting local consumers in 2020 terms of financial assistance compared to other developed countries.
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Overview
Discover the latest market trends and uncover sources of future market growth for the Financial Cards and Payments industry in France with research from Euromonitor's team of in-country analysts.
Find hidden opportunities in the most current research data available, understand competitive threats with our detailed market analysis, and plan your corporate strategy with our expert qualitative analysis and growth projections.
If you're in the Financial Cards and Payments industry in France, our research will save you time and money while empowering you to make informed, profitable decisions.
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Euromonitor’s industry reports, including Financial Cards and Payments in France, originate from our database within our Consumer Finance market share and market size database, Passport, a platform which analyses Consumer Finance in 46 countries and globally.
Gain competitive intelligence about market leaders. Track key industry trends, opportunities and threats. Inform your marketing, brand, strategy and market development, sales and supply functions.