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Payments Snapshot in France - Coronavirus (COVID-19) Sector Impact

Payments Snapshot in France - Coronavirus (COVID-19) Sector Impact

Summary

The Coronavirus (SARS-CoV-2) outbreak, dubbed COVID-19, is first and foremost a human tragedy, affecting millions of people globally. The contagious Coronavirus, which broke out at the close of 2019, has led to a medical emergency across the world, with the World Health Organization officially declaring the novel Coronavirus a pandemic on March 11, 2020.

Fears surrounding the impact of COVID-19 have already significantly hampered the global economy, with key markets across the globe losing 20-50% of their value year-to-date. Many economists and institutions have cut their forecasts, with consensus global GDP growth currently at 2.6% for 2020 and many experts predicting the potential onset of recessionary environments.

A similar trend could be seen in France as well, as economic growth in the country registered a dip in the first quarter of 2020. France is among the most affected countries globally with over 194,000 confirmed cases. However, the new cases are now slowing down thanks to strict government measures. With some control over the disease, the government started to ease lockdown restrictions from May 11, 2020, allowing non-essential businesses to operate. A gradual recovery in economic activities will have a positive impact on the cards and payments industry as well.

This report focuses on the impact of the coronavirus outbreak on both the economyand the cards and payments industry in France. Based on our proprietary datasets, the snapshotprovides a detailed comparison between pre-COVID-19 forecasts andrevised forecasts of total payment card, debit card, and credit and charge card transactions by value and volume. It also offers information on measures taken by the government to combat coronavirus.

Scope

- With some control over the disease, the government started to ease lockdown restrictions from May 11, 2020, allowing non-essential businesses to operate. A gradual recovery in economic activities will have a positive impact on the cards and payments industry as well.
- Cash payments are in decline with growing fears of virus spreading through cash handling. A survey conducted by Mastercard in April 2020 states that 51% of French consumers have used cash less since the coronavirus outbreak.
- The decline in overall consumer spending precipitated by the outbreak and the lockdown in France will partially be offset by a rise in online payments.

Reasons to Buy

- Make strategic decisions using top-level revised forecast data on the French payment industry.
- Understand the key market trends, challenges, and opportunities in the French cards and payments industry.
- Receive a comprehensive insight into payments market in France.
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Payments Snapshot in France - Coronavirus (COVID-19) Sector Impact
Published By :GlobalData
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