French mobile payment platforms merge
(19 October 2016 – France) Two mobile payment services backed by French banks - BNP Paribas and Crédit Mutuel - are merging. From early next year, Wa!, which is backed by BNP and retail giant Carrefour, will partner with Fivory, a rival offering from Crédit Mutuel, Mastercard and grocer Auchan Retail.
The unified app will enable customers to make instore and online payments with a single movement, send P2P money transfers, settle invoices and use loyalty points and coupons.
According to reports, the decision to join forces is driven by the desire to offer all players in the ecosystem a single offering that pools their qualities and unites the partners.
Jean-Laurent Bonnafé, group CEO, BNP Paribas, said: "We’re seeing growing interest in the market for such a solution and it’s now vital that the complementary players work together to build and make available a solution able to meet new customer expectations in this changing world."