BNP Paribas and Credit Mutuel to merge their digital wallets

A pair of digital wallets backed by French banking groups BNP Paribas and Credit Mutuel are set to merge into a unified platform.

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Under the plan, Wa!, backed by BNP and retail giant Carrefour, will merge with Fivory- that is backed by Credit Mutuel, Mastercard, Auchan, Oney, and Total.

Crédit Mutuel chairman Nicolas Thery said: “In forging this agreement we’re pooling our expertise in order to respond to the changes in consumer behaviour, propelled by the ubiquitous use of smartphones.

“Together we’re taking a major step towards widespread use of mobile payments and the consequent enhancement of the customer relationship.”

The unified app will enable customer to pay for purchases both in-store and online, use personal loyalty benefits plus coupons, special offers, as well as new mobile payment services such as peer to peer money transfers and an invoice settlement facility.

The app is anticipated to be launched under a new brand name in early 2017.

BNP Paribas Group CEO Jean-Laurent Bonnafe said: “This constitutes a new phase for our initiative. 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.”