France Digital Wallet market was valued at US$4,176.876 million in 2019. The country is witnessing a rise in online payment transactions, driven by a rise in the penetration of smartphones and internet connectivity in the country. According to the World Bank Data, the percentage of the population using the internet 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 the use of national payment instruments such as trade bills and cheques by people in the country. As such, the total value of non-cash payment increased by 3 percent to EUR27 billion, with e-money usage surged by 47 percent between 2015 and 2016.
The rapidly growing e-commerce industry in France is also a significant driver that is fueling the market growth of digital wallet in the country. People are increasingly using digital wallets and other mobile payment methods in order 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. Strong blow by the COVID-19 pandemic to the country is anticipated to further catalyze this growth moving ahead on account of strict social distancing regulations enforced by the government.
France 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 digital wallet market has been classified into money transfer, recharge, movie booking, food ordering, and others.