France
With 68.0 million inhabitants and high purchasing power, France is the world’s 7th largest economy, the 2nd largest in the European Union, and one of the leading exporters and importers worldwide (9th as an exporter and 6th as an importer).
The French economy is highly developed and primarily based on the services sector (79.4% of GDP — 2022 estimate). Other key industries include agriculture, aeronautics, automobiles, and luxury goods.
After a 7.9% contraction of GDP in 2020 due to the effects of the COVID-19 pandemic, the country recorded a 6.8% rebound in 2021, driven by investment growth, increased consumption, and the easing of restrictions. In 2022, according to the Economist Intelligence Unit (EIU), France recorded economic growth of 2.6%. However, a significant slowdown was expected in 2023 (0.4%) amid inflationary pressures, restrictive monetary policies, rising interest rates, and the economic repercussions of the war in Ukraine.
France offers business opportunities in various sectors, particularly in construction, food, furniture, and information and communication technologies (ICT). Economic agents are encouraged to participate in the country’s major trade fairs (“anchor fairs”) and to explore the growing opportunities offered by e-commerce. Competing successfully in the French market requires a focus on high quality, innovation, and product differentiation to stand out from both domestic and international competitors.
Imports:
France’s imports totaled USD 715 billion in 2021 (up from USD 583 billion in 2020). The top five imported product groups were:
Exports:
French exports reached USD 585 billion in 2021 (up from USD 489 billion in 2020). The top five exported product groups were:
France recorded a trade deficit of USD 130 billion in 2021 — an increase of USD 40 billion compared to 2017 and USD 35 billion compared to 2020. The import-to-export coverage ratio stood at 81.9%, 2 percentage points lower than in 2020.
In international trade, French companies generally prefer secure and well-regulated payment methods.
Top banks
The French banking system is one of the most robust banking systems globally. The banking system in France has built up this stability due to two significant factors: The French banks have a steady loan performance. Over the years, the French banks have ensured they have had enough capital and liquidity. The banking system in France consists of more than 400 banks and includes four main units: the Bank of France, deposit banks, investment banks, and banks providing medium- and long-term loans. The largest banking groups in France (which are also among the top 10 financial groups in the world) are:
BNP PARIBAS
BNP Paribas stands out with its robust diversified and integrated model, which is the foundation of its performance. By having all its business lines work together and through its global footprint, the Group addresses its customers’ need on a broad basis and supports them in their development. The Group’s diversification in terms of customer segments, sectors and business lines is a source of stability. Revenue 46,9bn Euro. On the strength of these advantages and in accordance with its company purpose, the Group plays its role in full as a financier of the economy, as a responsible investor, and as an accelerator in the necessary transition towards a low-carbon economy.
Crédit Agricole Corporate
Crédit Agricole Corporate and Investment Bank (Crédit Agricole CIB) is the corporate and investment banking arm of Crédit Agricole Group, operating in Egypt, France, and 32 countries worldwide. With 8,940 employees, Crédit Agricole CIB provides capital markets, investment banking, and financing solutions. The Crédit Agricole Group manages over €1,687 billion in assets, offering comprehensive financial services to corporate and institutional clients.
Société Générale (SGM)
Société Générale (SGM) is one of the main French banks and among the oldest financial institutions, founded in 1864. Société Générale is the third-largest bank in France by total assets, after BNP Paribas and Crédit Agricole. It is also the sixth-largest bank in Europe and ranks 21st globally. The Société Générale Group, with €1,214 billion in assets, is a leading provider of retail banking, corporate banking, investment banking, financial services, and international banking solutions. Known for stability, innovation, and global reach, Société Générale remains a trusted partner for individuals, businesses, and institutional clients.
BPCE
Groupe BPCE is the second-largest banking group in France, serving 35 million customers worldwide, including individuals, professionals, companies, investors, and local government bodies. With 100,000 employees and €1,123 billion in assets, BPCE is a leading provider of retail banking, corporate banking, investment services, and wealth management.
Crédit Mutuel
Groupe Crédit Mutuel-CIC is a leading French bank, building the financial future of its clients with strong foundations and a long-standing tradition. With 37.8 million customers, 8.9 million members, and over €75 billion in equity, the group is one of the best-capitalized banks in Europe, managing €645 billion in assets.
N26
N26 is a leading German digital bank offering fully online banking services across Europe and the US. Known for its mobile-first approach, N26 provides checking accounts, savings tools, personal loans, and insurance with low fees, real-time notifications, and international money transfers. It supports cashless payments, fintech integration, and seamless digital banking, making it a top choice for tech-savvy customers seeking convenient, transparent, and innovative banking solutions. Regulated in multiple regions, N26 ensures secure mobile banking, efficient financial management, and enhanced user experience for personal and business clients.
Top payment methods
From luxury boutiques to cosmetics giants, France is a cultural and commercial powerhouse. The French e-commerce market is worth €100 billion, corresponding to 2,29 number of cards per capita, with Cartes Bancaires (CB) the dominant payment method. Being a local system, CB is ubiquitous for in-store payments; most are also branded with Visa or Mastercard, and Adyen has a direct link to a French license. France is the most visited country on Planet Earth, with tourism equaling almost 10% of GDP. The allure of France's luxury brands and world-famous attractions adds considerably to these figures, so offering the local payment methods preferred by international visitors is vital to success in the regionSource: Statista – Market share of cash, credit cards, and other payment methods at point of sale (POS) in France in 2017, 2019, 2020, 2021, and 2022.
Cartes Bancaires
Cartes Bancaires is France's local card brand and the most widely used payment method in the region. Payments with Cartes Bancaires represent around 60% of current household consumption in France. There are 71.1 million cards issued by Cartes Bancaires and 12.4 billion transactions, totaling a value of 494 billion euros. More than 95% of French cards are Cartes Bancaires co-branded with Visa or Mastercard
Alma
Alma is a popular buy now, pay later service in France. With Alma, the shopper can pay for the goods in three or four installments. Before approving the payment, Alma performs risk checks on the shopper. If successful, Alma takes on the full fraud risk for the payment, and pays you up front.
Oney
Oney payments are gaining popularity in France, where shoppers can pay for their purchases in installments. To fulfill compliance checks, you need to have an entity in a European country. Oney performs risk checks on the shopper right at the moment of the purchase. How to pay with Oney:1. The shopper chooses Oney as their payment method during checkout.2. The shopper is redirected to Oney's webpage, fills in their details and validates their information. 3. The shopper will see a message confirming that the payment installment request has beenaccepted. They can then return to your website or app.
Titres-Restaurant
Titres-Restaurant meal vouchers are prepaid cards delivered by employers to their employees to buy food and beverages. These cards have daily spending limit of 25 EUR. When a shopper wants to buy something that costs more, they pay the remaining amount with different payment method.
Paypal
PayPal, a leading online payment solution, serves over 400 million active users worldwide in 200 countries and supports 100+ currencies. In France, PayPal is one of the most popular digital payment methods for online shopping, trusted for secure, fast, and convenient online payments.
American Express (AMEX)
American Express (AMEX) is a widely accepted global payment method, used in over 130 countries with more than 100 million cards in circulation. AMEX cardholders spend on average 3-4 times more than Visa and Mastercard users, making it a top choice for premium businesses, luxury brands, and high-value e-commerce transactions.
Visa
Visa is the world’s largest global card network by transaction value, accepted almost everywhere. It’s known for secure, fast, and reliable payments, positioning itself as “the best way to pay and get paid by everyone.”
Mastercard
Mastercard is a global payments leader, dominating the co-branded card market in Europe and key countries like Brazil, Canada, and Germany. Known for secure, contactless, mobile, and digital payment solutions, Mastercard drives e-commerce, fintech, and online banking innovation worldwide.
Maestro
Maestro is a debit product within the Mastercard offering. Maestrocards can be used for payments in stores and to withdraw cash fromATMs. This payment method requires electronic online authorizationfor almost all transactions, although Mastercard's rules allowminimum limits to be set only for Maestro EMV chip transactions.
Paybybank
At checkout, when you select Pay by Bank as your online payment method, you can securely pay directly from your bank account. Simply choose your bank, which generates a secure payment link to authorize the transaction. Once authorized, you are redirected back to the checkout page. No card details, no account creation, and no personal financial information are shared, making Pay by Bank a safe, fast, and convenient online payment solution.
This digital banking payment solution is offered by PayOp, covering almost all of Europe and competing with top online payment providers in the e-commerce and fintech market.
Concluding remarks
Credit and Debit cards
Credit and debit cards are widely accepted throughout France, with Visa and Mastercard being the most commonly used. Additionally, some stores in France also accept other popular card types such as American Express. Whether for in-person payments or online purchases, card payments remain a convenient and secure way to shop across the country.
Cash
Despite the growing popularity of cards, cash is still widely used in France. Most stores and restaurants accept cash in euros.
Checks
Although less and less common, checks are still accepted in many French stores and establishments. However, the use of checks is decreasing and many stores now have policies restricting their use.
Mobile payments
As in many other places, mobile payments are becoming increasingly popular in France. Mobile payment apps, such as Apple Pay and Google Pay, are accepted in many places.
Bank transfers
Bank transfers (Virements Bancaires) in France are widely used for business payments, real estate transactions, utility bills, and salary transfers. France’s banking system ensures secure domestic and international transfers, including online banking, wire transfers, and electronic funds transfers (EFT), making financial transactions fast, reliable, and convenient for individuals and businesses.
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