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 is expected in France as well, as economic growth in the country is expected to register a dip in the first quarter of 2020 and will decelerate further if this disease is not controlled at the earliest. The decline will have an adverse impact on all sectors including banking and payments.

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

- France’s GDP has been revised downward for 2020 due to the economic disruption caused by the outbreak of coronavirus. There has been a sharp rise in the cancelation of flights, hotel bookings, and major cultural and sporting events including the International Tourism Trade show and Paris Book Fair.
- According to the French government, 2.2 million Chinese visitors spent a total of $4.4bn in 2019, and all the reservations made by Chinese visitors for 2020 have been canceled since mid-February.
- 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.