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The advent of new electronic payment methods in France

Author: Casey *
Jul 01, 2019
2 min read
Jul 01, 2019
2 min read
The advent of new electronic payment methods in France

With the development of new technologies and eCommerce in France, we have been witnessing for some years now, the development of new means of payment. This development meets the need of French consumers to find faster and less expensive alternatives to conventional solutions, namely credit card payments, and bank transfers.

One new means of payment for French consumers is the contactless payment by physical or virtual bank card. This method of payment is used in the vast majority of businesses is increasingly used in transactions, especially among the 18-35 age range. The use of mobile payment applications such as Paylib, Apple Pay and Boon to dematerialize bank cards has also experienced significant development.
However, online payments are not the only ones to have been impacted. All of the current banking operations that were usually only feasible via a bank account were also affected by these new payment methods. Thus, with mobile apps like Lydia, "Le Pot Commun," or Leetchi, users can send and receive money or make funding pots. Some of them even allow online payment on commercial partner websites.

credit card being used on the internet

To keep pace with this growth in alternative payment methods, banks and financial institutions have in turn expanded their service offerings, including offering customers, the ability to link their credit card to online payment apps to facilitate their transactions.
It should be noted that most of these alternatives remain dependent on a bank account or a credit card to ensure the traceability of transactions.

Different payment methods facilitate more options for people who don’t want to be tied to a physical bank or bank card, which seems to be the direction in which payments are going. It also makes buying things online easier, as these options are usually more secure than a physical debit or credit card.

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*This article was contributed by an Exports News user. All opinions stated are the views of the user and not Exports News. Further, Exports News is not responsible for the accuracy of the content of this article and the author takes full responsibility for the statements made and images used in this article. Please see our Terms & Conditions for further information.

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