Banks all over the world need to evolve sooner rather than later. The French institutions acknowledge change is direly needed. Various firms are looking to switch to peer-to-peer mobile payments in the near future. This move will be facilitated by the rollout of Paylib. It is a welcome change in the world of finance, as mobile devices play an increasing role of importance these days.

Paylib is a mobile wallet developed by a consortium of French banks. This group includes Societe Generale, La Banque Postale, and Credit Agricole, alongside with BNP Paribas. All of these major French banks acknowledge peer-to-peer payments are the way forward. Consumers spend a lot of time using their mobile devices. It only makes sense to embrace digital payments as well.

Paylib is a Major Breakthrough

To do so, the Paylib application will be rolled out across France. BNP Paribas will be the first one to do so. its customers can send funds to anyone else by simply using a phone number. This may even attract more users to become a customer of BNP Paribas in the future. Innovative features always generate a lot of positive attention in this day and age.

The other consortium members will roll out Paylib in the coming months. By the end of the Summer, all four members should have completed this process. Paylib was originally an application to send online payments. its transformation to mobile peer-to-peer payments makes sense at this time. Over 1.1 million people actively use this application on a regular basis already.

It seems other French banks want to become part of this consortium. Credit Mutuel-CIC is looking to become the next member. If successful, the consortium will represent over 90% of the French consumer market. There is still a daily limit of 500 EUR per transaction for users to contend with. Transactions aren’t instant at this stage, but that functionality will improve in the coming 12 to 18 months.

Header image courtesy of Shutterstock


About Author

JP Buntinx is a 30-year old FinTech and Bitcoin enthusiast living in Belgium. His passion for finance and technology made him one of the world's leading freelance Bitcoin writers, and he is working to achieve the same level of respect in the FinTech sector.

Leave A Reply

We use cookies to give you the best online experience. By agreeing you accept the use of cookies in accordance with our cookie policy.