Market Size of France Mobile Payment Industry
Study Period | 2019 - 2029 |
Base Year For Estimation | 2023 |
Forecast Data Period | 2024 - 2029 |
Historical Data Period | 2019 - 2022 |
CAGR | 30.00 % |
Market Concentration | Low |
Major Players*Disclaimer: Major Players sorted in no particular order |
France Mobile Payment Market Analysis
The France mobile payments market is expected to grow at a CAGR of 30% over the forecast period (2022 - 2027). The stores and services in France are rapidly moving towards adopting mobile payment applications, such as PayPal, Samsung Pay, Apple Pay, Lydia, and Swile, to accept and transfer payments. With increasing internet penetration and rapid growth in online retailing, this trend is expected to continue over the forecast period.
- The rise in smartphone penetration throughout France and the expansion of the m-commerce business in emerging markets are the primary drivers driving the market growth. Furthermore, increasing mobile payment services in emerging markets promotes market development. However, escalating data breaches and security challenges in Mobile Payment are impeding the market growth.
- Since mobile payment solutions offer improved operability, dependability, and flexibility, most end-users still completely rely on cash for everyday operations. People have been utilizing old payment methods for years, so they are hesitant to accept new technology. Because of their habits, customers feel comfortable with traditional payment modes when the transaction amount is large. Additionally, the payment method keeps personal information such as location, amount balance, purchase trend, card PIN, and other characteristics. This increases the potential of unlawful use of personal data and raises security concerns among customers, possibly stifling industry expansion.
- Fraudsters continue to research ways to infect consumer devices with virus-infected clones of payment applications. These apps are released on other, less controlled app marketplaces for Android smartphones or delivered as standalone. Apk packages are program files that are transmitted as email attachments. This factor can restrain the market growth.
- Furthermore, the market will likely benefit from increased use of NFC, RFID, and host card emulation technologies in mobile payments and increased demand for quick and easy transaction services.
- The COVID-19 pandemic had a positive impact on market growth. The rise in health-related concerns caused by COVID-19 also influences consumer purchasing habits. The epidemic has increased consumer desire for contactless payments to reduce the number of touches at the transaction time. Many banks and financial institutions provide their consumers with access to digital banking platforms. The COVID-19 epidemic increased the use of mobile payments in France.
France Mobile Payment Industry Segmentation
Mobile payments help automate payment processes by providing an alternative mode of payment via a portable electronic device such as a smartphone or tablet. Mobile payments can also make digital financial transfers rather than paying with a check or cash. Mobile payment technology has many applications in industries such as movie tickets, restaurants, and retail stores. France Mobile Payment Market is Segmented By Type (Proximity and Remote).
By Type (Market share in percentage based on relative adoption) | |
Proximity | |
Remote |
France Mobile Payment Market Size Summary
The France mobile payments market is experiencing significant growth, driven by the increasing adoption of mobile payment applications such as PayPal, Samsung Pay, Apple Pay, Lydia, and Swile. This shift is largely fueled by the rise in smartphone penetration and the expansion of m-commerce, particularly in emerging markets. The market is further bolstered by the growing demand for quick and easy transaction services, supported by technologies like NFC, RFID, and host card emulation. The COVID-19 pandemic has also positively impacted the market, as health concerns have heightened the consumer preference for contactless payments, leading to a surge in mobile payment usage. Despite these advancements, challenges such as data breaches and security concerns continue to pose risks, potentially hindering market expansion.
The competitive landscape of the France mobile payments market is characterized by the presence of major players like Google LLC, PayPal Inc., American Express Co., Visa Inc., and Mastercard. These companies are actively engaging in partnerships, acquisitions, and product development to enhance their market share. The market's fragmentation is evident as various businesses, including telecommunications companies, grocery stores, and merchants, increasingly offer mobile apps to facilitate online purchases. As e-commerce continues to grow, mobile transactions are expected to rise, further propelling the mobile payments industry. The market's growth trajectory is supported by the increasing number of smartphone users and high-speed internet access, which are transforming consumer purchasing habits and driving the adoption of mobile payment solutions.
France Mobile Payment Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Market Drivers
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1.1.1 Increasing Internet Penetration and Growing E-commerce Market
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1.1.2 Increasing Number of Loyalty Benefits in Mobile Environment
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1.2 Market Challenges
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1.2.1 Security Issues Associated with Mobile Payments
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1.3 Analysis on Enabling Technologies (Coverage to include NFC, QR, etc.)
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1.4 Key Regulations and Standards in the Mobile Payments Industry
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2. MARKET SEGMENTATION
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2.1 By Type (Market share in percentage based on relative adoption)
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2.1.1 Proximity
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2.1.2 Remote
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France Mobile Payment Market Size FAQs
What is the current France Mobile Payment Market size?
The France Mobile Payment Market is projected to register a CAGR of 30% during the forecast period (2024-2029)
Who are the key players in France Mobile Payment Market?
Google LLC, Paypal Inc., American Express Co., Visa Inc. and Mastercard are the major companies operating in the France Mobile Payment Market.