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Summary of our market study
Online e-commerce sales in France are expected to reach around 150 billion euros by 2023.
In 2020, the online payments market continued to evolve rapidly among payment solution providers, driven by increased e-commerce activity and innovation.
globally, online purchases reached $6.7 trillion in 2023, with China leading in terms of volume and the UK dominating in Europe.
Security remains a crucial concern in online payments, with constant innovation aimed at gaining consumer trust. The Payment Services Directive 2 (PSD2) introduced in Europe imposes "strong authentication" to enhance transaction security, which could impact on ease of use for consumers. Crypto-currencies remain a speculative and marginal payment method.
The market is highly competitive, with established international players such as PayPal, Apple Pay and Google Pay, as well as emerging fintech solutions such as Lydia, which boasts over a million users.
The payment services market has attracted a variety of new players, including technology giants and fintech startups, with a continuing trend towards consolidation through mergers and acquisitions among established players such as Worldline and Ingenico.
The increased penetration of online payment solutions varies by sector, with apparel, culture and tourism being more digitally oriented, while other sectors, such as multimedia and DIY, retain predominantly offline purchasing methods.
Analysis of online payment market demand trends in France
French e-commerce sales have soared to between 85 and 95 billion euros. This boom can be attributed to an increase in the number of e-commerce sites and the proliferation of marketplaces.
Around 60% of the population shop online. However, compared with European averages, the French are more conservative in their online purchasing habits, with around 32% buying less than once a month, compared with the EU average of around 25%.
The French market offers huge potential, given that a significant proportion (84% of 18-39 year-olds) prefer online shopping.
Credit cards dominate the French market, while other payment methods, such as PayPal or virtual wallets, have a smaller share. Credit cards account for 61% of online transactions, while services such as PayPal account for 29%, and other solutions appear marginal.
The main players in the online payment market
- PayPal: the pioneer
- Ingenico: has acquired Ogone, a major player specializing in online and mobile payment services
- Worldline: a fast-growing competitor Worldline has acquired Banksys, SIX Payment Services and Ingenico
- Lydia: star of the French fintech scene
- Google Pay and Apple Pay
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Summary and extracts
1 Market overview
1.1 Presentation and definition of the online payment market
In 2018, the French spent 90 billion on the Internet [ FEVAD All of these purchases were made possible thanks to online payment solutions, which therefore make it possible to pay and exchange money over the Internet using a computer system.
E-commerce is driven by broadening the offer in Europe and the increase in the number of sites as well as by the development of marketplaces. Faced with this rise in online purchases, there are more and more online payment players and innovation is key to gaining market share. One of the key factors of success in this market is the security of payments to gain the confidence of merchants on the one hand, and private individuals on the other.
European and international competition is intense with players such as Paypal and Amazon Pay that are solidly implanted. Besides.., VISA offers a new system of reloadable smart cards allowing online payment for blocked amounts
Giants like Google and Apple also offer online payment solutions ( Google Pay and Apple Pay ) while fintechs The Banque de France's financial markets, which are sometimes supported by the major French banks, as is the case with Paylib s, are proposing alternative solutions. Among the Sector's start-ups, Lydia posted record growth and already had more than of one million users in 2018 .
List of charts presented in this market study
- Evolution du chiffre d'affaires du e-commerce
- E-commerce sales
- Evolution du nombre de transactions en ligne
- Part des internautes et de l'ensemble de la population française faisant des achats sur Internet
- Produits et services achetés
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Latest news
Revolut exceeds 2 billion euros in revenues - 03/07/2024
- In 2023: revenues almost doubled to £1.8 billion (approx. €2.1 billion).
- Profits have risen to £344 million (approx. €395 million), compared with around £6 million in 2022.
- By the end of 2023, Revolut has 45 million customers worldwide, with an increase of 12 million new customers joining the neobank in 2023.
- Number of customers in France: over 3 million.
- Revolut is aiming for 50 million customers by the end of the year.
- Number of employees: over 10,000.
Revolut targets a $40 billion valuation - 24/06/2024
- - Target valuation: Over $40 billion.
- - Revolut creation date: 2015.
- - Number of Revolut customers: Approximately 40 million.
- - Number of Revolut employees: More than 9,000.
- - Customer target in France: 20 million customers.
- - Of its 40 million customers worldwide, a third come from the UK.
- - Revenues in 2022: £922.5 million (+45%)
- - Net profit in 2022: £5.8 million. - Revenue forecast**: £1.7 billion
Lydia invests 100 million euros to become a bank - 15/05/2024
- **Customer target:** 5 million customers in France within three years.
- **Recruiting:** around 400 new employees, almost doubling the current workforce of 250.
- **Since its creation in 2011, Lydia has raised around 235 million euros.
- **Number of current banking customers:** around 2 million, out of a total of 7 million users.
- **Express consumer credit in partnership with Floa (subsidiary of BNP Paribas).
Crédit Agricole is set to acquire Pledg in the fractional payment sector. - 15/02/2024
- Pledg, a Paris-based start-up, was founded in 2016 and specializes in fractional payment solutions.
- The type of credit offered by Pledg can increase the conversion rate of purchases by 20 to 30 points.
- In 2023, Pledg credit represented 5 billion euros for France, or 10% of overall consumer credit production.
- BNP Paribas bought its Floa subsidiary in 2021 for around 250 million euros.
- Two years earlier, BPCE had acquired 50.1% of Oney Bank, a banking subsidiary of Auchan.
- Pledg raised 15 million euros in 2021.
- Pledg claims production of 220 million euros in 2023.
- Pledg has over 200 commercial partners. The Pledg fintech employs 23 people.
Revolut: the coming of age of a British success story - 18/01/2024
- The company was founded in 2015.
- In 2018, Revolut obtained its first banking license in Lithuania.
- 25% to 30% of their business comes from the UK.
- The company was valued at £33 billion at a fundraising in July 2021.
- Revolut expects profits in excess of 300 million euros in 2023.
- The company currently has 35 million customers, a figure it plans to increase tenfold over the next 5-6 years.
- In Ireland, Revolut's adoption rate exceeds 50%.
- Nearly 9 million customers were acquired by Revolut in the space of a year.
- Currently, Revolut has almost 8 million customers in the UK, representing 12% of the population.
Orange Bank rejects Ripplewood takeover offer - 13/01/2024
- Ripplewood, an American investment company, made an offer to take over Orange Bank, but this was rejected.
- Orange Bank is a subsidiary of telecom operator Orange. Orange Bank claims two million customers.
- Orange Bank has announced the closure of its online bank, which has accumulated over 1 billion euros in operating losses in five years.
- Orange has been in exclusive negotiations with BNP Paribas for six months to sell part of its customer portfolio in France and Spain.
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the online payment market | France
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