Challenges and Competitors

In the face of growing emphasis on payments sovereignty, France’s Cartes Bancaires (CB) network is striving to reclaim some of its lost market share. Established as a joint venture by major French banks in the 1980s, CB once held over 90% of the domestic payment card market. However, it now sees its share at around three-quarters due to Visa and Mastercard’s reliability, global reach, and competition from digital-first financial players like Revolut.

CB’s head Philippe Laulanie recently indicated that the network is stabilizing and interest in CB is on the rise, not just within France but also for a greater push toward payments independence across Europe. This makes Cartes Bancaires comparable to Interlink or Maestro networks found elsewhere, with its cards typically co-branded and able to run over Visa/Mastercard rails or on CB bank rails.

New Competition

The UK-based fintech giant Revolut has achieved rapid growth, aiming for 100 million customers by 2027 and expansion into 30 new markets by 2030. With plans to establish a Western Europe headquarters in Paris and potentially apply for a banking license, Revolut poses significant competition alongside other digital payment rails like stablecoins and the digital euro.

Opportunities for CB

The EU’s increasing push to reduce reliance on US-based payment systems has created a scenario where CB could emerge as an off-the-shelf alternative. Recent geopolitical tensions and ongoing uncertainty underscore the need for European payments infrastructure independence, potentially offering CB new opportunities in other EU countries.