BNP Paribas and Carrefour Launch Universal Mobile Payments System ‘Lyf Pay’
| Updated by Polina Chernykh · 3 min read
The new payment platform, which is set to be launched across France later this week, will allow users to make purchases using their mobile phones.
France’s major bank, BNP Paribas, and French multinational retailer, Carrefour, plan to roll out the new mobile payment solution that will allow users make in-store, online, and peer-to-peer (P2P) payments and store their coupons, loyalty cards, and other special offers on their devices.
“Lyf Pay application — available for all smartphones as of 18 May — is set to bring greater convenience and simplicity in consumers’ day-to-day life,” Carrefour said. “Developed in conjunction with retailers and with the customer firmly in mind, Lyf Pay covers an extremely broad set of needs — in-store payments ranging from small local shops to large retail chains; online shopping; friends and family payments and even charitable donations.
“By integrating payment cards, loyalty cards and coupons and displaying news flashes from users’ favorite shops alerting them to available special offers and providing information on their expenditure, this new app goes a long way to creating a highly intimate relationship with the consumers it serves.”
The service, called Lyf Pay, is the result of the merger of BNP Paribas’ Wa! and Credit Mutuel’s Fivory wallets in 2016. It will be launched with support from retailer Auchan, French bank Crédit Mutuel, Oney, petrol chain Total, and Mastercard. Moreover, the app has secured the approval of a number of independent traders, hospitality groups, non-profit charity and student organisations for the launch in France later this week.
“The app is non-proprietary and can be installed on any type of smartphone. It is underpinned by the knowhow of Lyf Pay’s banking partners in terms of transaction security and it is also the result of intensive work to ensure a streamlined, user-friendly experience for the customer,” Carrefour added.
Following the full rollout across France on 18 May, the service will enlarge the number of points of sale that accept the app. “Lyf Pay will also gradually add new functionality designed to meet the ever-increasing range of ways in which the app will be used.”
In a move to make shopping experience more convenient, online payment giant, PayPal, has partnered with Venmo to make it available for users during checkout. Last month, Mastercard unveiled a new biometric card to enable users complete transactions without entering their personal identification number.
A few days ago, Ant Financial, the operator of the leading mobile payment solution in China, Alipay, announced the expansion of the service in the US.
Meantime, there are rumors that Apple is going to launch its own P2P payment service later this year.
Polina is an undergraduate student at Belarusian State Economic University (BSEU) where she is studying at the faculty of International Business Communication for a degree specializing in Intercultural Communication. In her spare time she enjoys drawing, music and travelling.