The two main takeaways from this study are that the digitisation of payment methods is accelerating fast and that consumer spending has returned in France.
The digitisation of payment methods is accelerating
The study reveals that one in five people in France have already used their smartphone to make a contactless payment in a shop (up 6 points over 18 months) and one in 10 do so regularly. Active young people (ages 25-34) are particularly keen (31% have already used this payment method). All socio-professional categories are well-represented; mobile payments are becoming widespread - they are no longer the preserve of an elite clientele.
Furthermore, contactless card payments continue to grow (76% or +11 points over 18 months). The over-65s group has contributed most to the increase in contactless card users; 82% of them use contactless (up 6 points from autumn 2019).
As the digitisation of payment methods accelerates, there has been a significant decrease in the use of cash and cheques, with respective drops of minus 13 points and minus five points compared with last autumn.
The appeal of new banks is now undeniable: 65% of internet-only or mobile bank customers say they are ready to make it their main account, while the trend for customers with multiple bank accounts has been reversed (showing that neobanks are now seen as a viable alternative to traditional banks).
As the lockdown came to an end, financial stability and reputation emerged as the main factors which determined how much French people trusted their bank. Telecoms operators and supermarkets have emerged as the main alternatives to traditional banks for 20% of French people, ahead of Google, Amazon, Facebook and Apple, with 16%.