Summary
- Wero launched October 2024, replacing Paylib (35 million users transitioned)
- STET operates CORE (retail) and instant payment infrastructure for French banks
- Lyf Pay provides QR code payments combining loyalty, vouchers, and payments
- Connected to TIPS for pan-European instant payments
- EPI founding member with Germany, Belgium, Netherlands
Banking landscape
Central Bank
- Name: Banque de France
- Website: https://www.banque-france.fr/
- Role: Payment systems oversight, monetary policy, CORE(FR) oversight
Major Banks (2024)
| Rank |
Bank Name |
Total Assets (EUR) |
Market Share |
Type |
| 1 |
BNP Paribas |
2,704,910 M |
20.84% |
Global |
| 2 |
Crédit Agricole S.A. |
2,309,780 M |
~18% |
Mutual/Cooperative |
| 3 |
Groupe BPCE |
~1,500,000 M |
~12% |
Mutual/Cooperative |
| 4 |
Société Générale |
~1,500,000 M |
~12% |
Global |
| 5 |
Crédit Mutuel |
~1,000,000 M |
~8% |
Mutual |
| 6 |
La Banque Postale |
~800,000 M |
~6% |
State-owned |
By Customer Base (2023)
- Crédit Agricole: 54 million customers (#1)
- Crédit Mutuel: 37.8 million customers
- Groupe BPCE: 35 million customers
- BNP Paribas: 30+ million customers
2024 Financial Performance
- Top 3 Aggregate Net Profit: €22.98 billion (+16% YoY)
- BNP Paribas: €11.69 billion net income
- Crédit Agricole S.A.: €7.09 billion net income
STET Ownership
Six major French banks jointly own STET:
- BNP Paribas
- Groupe BPCE
- Crédit Agricole
- Banque Fédérative du Crédit Mutuel
- La Banque Postale
- Société Générale
Payment infrastructure
National Payment Systems
| System |
Operator |
Type |
Status |
| CORE(FR) |
STET |
Retail clearing |
Active (2008) |
| SEPA(EU) via STET |
STET |
Instant payments |
Active |
| TARGET2/T2 |
Eurosystem |
RTGS |
Active |
| TIPS |
ECB/Eurosystem |
Instant settlement |
Connected |
CORE (COmpensation REtail)
- Operator: STET
- Launch: January-October 2008 (replaced SIT)
- Type: Multilateral netting system
- Settlement: Once daily in central bank money (TARGET2)
- Status: SIPS (Systemically Important Payment System) since 2014
- Oversight: Banque de France (ECB Regulation 795/2017)
STET Instant Payments
- Connection: TIPS and RT1
- 2024 Volume: 36+ billion transactions processed
- Daily Value: €25+ billion average
- Cross-border: 50+ million real-time transactions (2024)
- Growth: Expected 50%+ increase in 2024
EU Instant Payments Regulation
- February 2024: New regulation passed
- Mandate: PSPs must offer instant payments
- Pricing: Must match standard transfer fees
QR code standards
Wero QR (Primary - 2024+)
| Attribute |
Value |
| Standard Name |
Wero |
| Type |
European digital payment wallet |
| Operator |
European Payments Initiative (EPI) |
| France Launch |
October 14, 2024 |
| App Available |
Standalone + banking app integration |
| Users (France) |
~16 million active |
Current Features
- P2P Transfers: Via phone number, email, or QR code
- Speed: Within 10 seconds
- Settlement: Instant via TIPS/RT1
- Cross-border: Germany, Belgium, Netherlands
QR Code Features (2025+)
- Individual QR code generation for payments
- No phone number disclosure required
- Payment requests via QR
- E-commerce integration (pilot December 2024)
Roadmap
| Date |
Feature |
| October 2024 |
P2P transfers launched |
| November 2024 |
First online retailer |
| December 2024 |
E-commerce pilot |
| 2025 |
QR payments, merchant services |
| 2026 |
NFC point-of-sale |
Paylib (Discontinued)
| Attribute |
Value |
| Status |
Discontinued early 2025 |
| Users at Transition |
35 million registered |
| Successor |
Wero |
| Transition |
Simple switch offered to all users |
Lyf Pay QR
| Attribute |
Value |
| Type |
Multi-purpose mobile wallet |
| Backed By |
Crédit Mutuel, BNP Paribas |
| QR Support |
Yes (unique code per transaction) |
| Features |
Payment + loyalty + vouchers + coupons |
Lyf Pay Capabilities
- QR code payments at point of sale
- Loyalty card integration
- Meal voucher acceptance
- Coupon and discount management
- P2P transfers
- Charity donations
EPC QR Code
| Attribute |
Value |
| Standard |
EPC 069-12 |
| Type |
SEPA credit transfer initiation |
| Adoption |
Growing, supported by major banks |
| Use Case |
Invoice payments |
Mobile payment apps
| App Name |
Bank |
Wero |
QR |
Instant |
| Mes Comptes |
BNP Paribas |
Yes |
Yes |
Yes |
| Ma Banque |
Crédit Agricole |
Yes |
Yes |
Yes |
| L'Appli SG |
Société Générale |
Yes |
Yes |
Yes |
| Banxo |
BPCE/Banque Pop/Caisse d'Épargne |
Yes |
Yes |
Yes |
| Crédit Mutuel |
Crédit Mutuel |
Yes |
Yes |
Yes |
| La Banque Postale |
La Banque Postale |
Yes |
Yes |
Yes |
Wero Integration
All major French banks have Wero functionality integrated directly into their mobile banking apps since October 2024.
Participating Banks (20+)
- BNP Paribas (and subsidiaries)
- Groupe BPCE
- Crédit Agricole
- Crédit Mutuel Alliance Fédérale
- Crédit Mutuel Arkéa
- La Banque Postale
- Société Générale
- And their respective subsidiaries
Third-party payment apps
| App Name |
Type |
QR Support |
Status |
| Wero |
Digital wallet |
Yes (2025) |
Active |
| Lyf Pay |
Payment + loyalty |
Yes |
Active |
| Apple Pay |
NFC Wallet |
No |
Active |
| Google Pay |
NFC Wallet |
No |
Active |
| PayPal |
E-wallet |
Yes (PayPal QR) |
Active |
Wero Standalone App
- Available on iOS and Android since October 14, 2024
- Can be used independently of banking apps
- Currently serves 43.5+ million users across EPI countries
- €7.5+ billion transferred since launch
Schemes
| Scheme |
Type |
Symbology |
Adoption |
Technical standard |
| Wero |
Payment wallet |
QR/Phone/Email |
16M France |
wero |
| Lyf Pay |
Multi-purpose wallet |
QR Code |
Growing |
lyf-pay |
| EPC QR |
SEPA QR |
QR Code |
Major banks |
epc-qr |
Sources
Full country report
FR-france.md