France Mobile Payment Market Size

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.