France Digital Wallet Market Size, Share, Opportunities, COVID-19 Impact, And Trends By Device (PC/Laptops, Smartphones), And By Application (Money Transfer, Recharge, Movie Booking, Food Ordering, Others) - Forecasts From 2022 To 2027

France’s digital wallet market was valued at US$7.445 billion in 2020. 

The country is witnessing a rise in online payment transactions, driven by the penetration of smartphones and internet connectivity in the country. According to World Bank Data, the percentage of the internet population in France rose from 78.01 in 2015 to 82.04 in 2018. According to the Banque de France, there has been a decline in national payment instruments such as trade bills and cheques by people. As such, the total value of non-cash payments increased by 3 percent to EUR27 billion, with e-money usage surging by 47 percent between 2015 and 2016.

The rapidly growing e-commerce industry in France is also a significant driver fueling the market growth of digital wallets in the country. People increasingly use digital wallets and other mobile payment methods to pay for online transactions. Along with digital wallet vendors, telecommunications companies and retailers are also entering this lucrative market which will continue to drive the digital market growth in France during the next five years. For example, French multinational telecommunications corporation Orange launched the mobile wallet app Orange Cash in 2015 and entered the mobile payments market. The app allows users with NFC-enabled smartphones to pay with a tap at any contactless Visa terminal across the country. A French multinational retailer Carrefour also launched its mobile payment app Carrefour Pay in early 2018 to allow easy in-store payments at NFC-enabled terminals. A decisive blow by the COVID-19 pandemic to the country is anticipated to catalyze further this growth moving ahead on account of strict social distancing regulations enforced by the government.

France's Digital wallet market has been segmented on the basis of device and application. By device, the market has been segmented as PCs/laptops and smartphones. By application, France's digital wallet market has been classified into money transfer, recharge, movie booking, food ordering, and others.

Key Developments in the Market:

• In July 2021, EasyEuro launched OuiTrust, its digital wallet. OuiTrust intends to provide unprecedented levels of payment efficiency to millions of European SMEs, freelancers, and retailers. OuiTrust provides a new range of banking services to SMEs, such as low-cost currency conversion, collection, payment, and personalized card issuance. Through this, customers can now also apply for a MasterCard that is linked to their OuiTrust wallet and can be used everywhere MasterCard is accepted.
• In September 2021, Entrust, an American provider of digital security and credential issuance solutions, declared its intentions to acquire Antelop Solutions, a Paris-based fintech that facilitates financial institutions in issuing secure digital debit and credit cards to their consumers. Through this development, Antelop's solutions will be combined with Entrust's card issuance offerings.  

COVID-19 Insights

COVID-19 positively impacted France's digital wallet market. Amid the surge in active cases, the government had enforced lockdown and social distancing measures to slow down the spread of infection. This boosted the prevalence of digital shopping and caused many patrons to shift towards contactless digital wallet technology. Furthermore, the growing number of digital payments is further propelling the penetration of digital wallets in the region.

Segmentation

• By Device
  • PC/Laptops
  • Smartphones
• By Application
  • Money Transfer
  • Recharge
  • Movie Booking
  • Food Ordering
  • Others