SEPA Has Significant Impact on the France Digital Payments Industry

02 Nov, 2020 . 4 minutes

France's population reached 67.1 million in 2019 and is projected to grow faster by 2024 after adopting the Single Euro Payments Area (SEPA). The market itself estimates ecommerce value at 81.7 billion euros.

Bank of France announced that as of the end of 2018 cashless payments were adopted by 66 percent of users compared with 43 percent in the eurozone. That number rises to 88% in 2019 - including the use of cards and digital wallets, according to J.P. Morgan. This trend has the digital payments market reaching 88.14 million euros by the end of 2020 according to Meanwhile, Statista expects France to have a 7 percent annual growth rate resulting around 104.8 million euros in transactions by 2023. 

The next move is to build on steps taken to introduce SEPA instant credit transfer on B2C and B2B dealings. It will strengthen the foundation of the Europe payments market.

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