FIS Modern Banking Platform
Advance your bank with a modern core platform.
October 25, 2017
25th October 2017 – Paris — France’s mCommerce market is forecast to grow faster than any other European nation over the next five years, while a simultaneous revolution in payment methods takes place, according to a new report from leading payments company Worldpay.
In its annual Global Payments Report, Worldpay found that France’s mCommerce market is expected to grow by an average of 36 per cent annually as French consumers embrace mobile retail. France has traditionally lagged behind Europe’s other major economies when it comes to mCommerce, with mobile accounting for just 2 per cent of total retail sales in 2017, compared to 3 per cent in Germany and 8 per cent in the UK.
France’s mCommerce boom is part of a wider growth in the country’s eCommerce market, which is set to grow by 10 per cent year-on-year, to be worth EUR€104bn (US$123bn) by 2021 – tying with Germany for the second biggest in Europe after the UK.
The growth in both eCommerce and mCommerce is expected to be accompanied by profound changes in French consumers’ preferred payment methods. Currently, these are evenly split between charge and deferred payment cards (22 per cent), e-wallets (21 per cent), credit cards (16 per cent), debit cards (15 per cent) and bank transfers (12 per cent).
Over the next five years, however, bank transfers should see significant growth and leapfrog all other payment methods, rising to 29 per cent of the eCommerce market in 2021. In comparison, charge and deferred payment cards are forecasted to decline by almost half, falling to under 12 per cent. Credit and debit cards are also projected to fall from their 2017 figures of 16 per cent and 15 per cent respectively, to just 10 per cent each.
Meanwhile, e-wallets are set to maintain their current popularity, increasing slightly from 21.8 per cent to 22.7 per cent over the next five years. Commenting on the research, Rogier De Boer, VP of Business Development in EMEA at Worldpay said: “While France is one of the most highly-developed markets in Europe, with a population of 67m consumers and an Internet usage rate of 87 per cent, it has been relatively slow to adopt mCommerce and alternative payments. This is the result of French consumers’ concerns over security as well as a lack of compelling mobile shopping experiences.
“This will change over the next few years. The French market is set to experience an mCommerce boom that will see mobile account for more than a third of all retail eCommerce by 2020, powered by the adoption of more mobile-friendly payment methods,” continued De Boer. “France is on the verge of a mCommerce revolution, and this presents lucrative opportunities for merchants who can provide intuitive and seamless mobile shopping experiences, and the widest choice of payment options.”
Worldpay has published a list of guidelines for merchants looking to capitalise on the global eCommerce and mCommerce opportunity:
This report was compiled using a mixture of primary and secondary data sources. Primary refers to our own surveys and commissioned research; whereas secondary refers to authoritative third-party vendor data, and other publicly available data. The report also draws upon Worldpay’s decades of experience in providing global eCommerce solutions. The eCommerce projected growth figures contained in this report were sourced from GlobalData’s E-Commerce Analytics database and relate to the eCommerce industry as a whole, not Worldpay’s business. GlobalData collected this data using consumer surveys, B2B surveys and desk research. Any indicative predictions based on the data we have used should be treated as such.
Worldpay is a leading payments company with global reach. We provide an extensive range of technology-led payment products and services to around 400,000 customers, enabling their businesses to grow and prosper. We manage the increasing complexity of the payments landscape for our customers, allowing them to accept the widest range of payment types around the world. Using our network and technology, we are able to process payments from geographies covering 99% of global GDP, across 146 countries and 126 currencies. We help our customers to accept more than 300 different payment types. For more information, visit http://www.worldpay.com/global/about/regional-expertise/emea
For more information, please contact:
Emily Lahey, PR Director +44 (0) 203 664 5663
Nitesh Khetani +44 (0) 207 067 0128
The information is provided on an "AS IS" basis for information purposes only and Worldpay makes no warranties of any kind including in relation to the content or suitability.
Worldpay (UK) Limited (Company No. 07316500 / FCA No. 530923), Worldpay Limited (Company No. 03424752 / FCA No. 504504), Worldpay AP Limited (Company No. 5593466 / FCA No. 502597). Registered Office: The Walbrook Building, 25 Walbrook, London EC4N 8AF and authorised by the Financial Conduct Authority under the Payment Service Regulations 2009 for the provision of payment services. Worldpay (UK) Limited is authorised and regulated by the Financial Conduct Authority for consumer credit activities.
We are here to help you and your business. Contact us using the button below.Learn more