In addition, Narinda You, Vice-Chair and Secretary General and Head of Interbank Relations at Crédit Agricole – Global Transaction Services, sheds some light on the latest French payment news and trends by answering to the following questions:
- The French Finance Ministry recently adopted a national payment strategy. Could you briefly explain what it is?
The French national payment strategy, adopted in October 2015, is designed to fasten the development of innovative means of payment, and to boost the competitiveness of the payment industry. It strives to better meet users’ needs, particularly in terms of card acceptance for low value payments through the development of contactless payments and other cutting edge methods of payment (i.e. mobile payments or those made through connected devices).
The objective is also to reduce the number of cheques being used and enhance credit transfers by making them faster and easier to initiate.
- In term of payments, France is known for its use of cheques (the average number of yearly cheque transactions per person is more than 37, against an average of 7 across the ). How do you think this French tradition will evolve in the future?
Indeed, cheques represent 13 percent of the total volume of non-cash payments in France, and 68 percent of the total volume of cheques issued in Europe are French. However, they have continually decreased in recent years. This reduction should be accelerated by the development of Person-to-Person payment solutions that are currently being tested on the market, and the promotion of credit transfers.
- Are cards the preferred method of payments in France, as it is in the rest of the European Union?
In France, cards are used both for face to face and internet payments. They hit 9.5 billion transactions in 2014, and increase by more than 5 percent every year. The development of contactless low value payments is also likely to boost these volumes.
Check out the 's infographic on the French payment landscape:
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