As more regions prioritize payments sovereignty, France’s Cartes Bancaires (CB) network is working to reclaim some of the market share it has lost to Visa and Mastercard.
The nonprofit network was created in the 1980s as a joint venture among France’s leading banks. However, CB has seen its domestic market share decline from over 90% to roughly three-quarters of card payments. This shift is partly due to the reliability and global reach of Visa and Mastercard’s networks, and partly due to the rise of digital-first financial players.
CB head Philippe Laulanie recently told the Financial Times that the network’s position has stabilized and interest in CB is growing again. Not only does the payments network hope to regain traction in France, but it also hopes to play a leading role in the broader push for greater payments independence in Europe.
“Cartes Bancaires is the French bank network much like an Interlink or Maestro here in the U.S.,” said Don Apgar, Director of Merchant Payments at Javelin Strategy & Research. “Most of their cards are co-branded, meaning they can run over Visa and Mastercard rails or on the CB bank rails—again, just like in the US. However, the market share for CB has been shrinking as new fintechs like Revolut and others have driven towards exclusive deals and single-network architecture.”
Challengers and Competitors
UK-based Revolut has experienced meteoric growth, becoming a global fintech phenomenon. The company has set ambitious goals, including reaching 100 million customers by 2027 and expanding into 30 new markets by 2030. Revolut recently announced plans to establish a Western Europe headquarters in Paris and signaled that it will apply for a banking license.
Alongside fintech challenger like Revolut, CB also faces competition from emerging payment rails like digital assets—including euro-backed stablecoins and potentially the digital euro—the bank-backed Wero digital wallet, and prospective Europe-wide real-time payment systems.
An Off-the Shelf Alternative
Many of these newer rails have gained favor because the EU is increasingly searching for ways to reduce reliance on foreign payment systems. U.S.-based infrastructure, led by Visa and Mastercard, currently processes over 60% of card transactions in Europe.
Given recent geopolitical tensions and ongoing uncertainty, EU leaders have called for changes to the region’s payments infrastructure. This could potentially create an opportunity for CB.
“The political climate is now flashing a yellow light about over-dependency on US-based Visa and Mastercard, with the EU central bank pushing to bring a new network online by 2030,” Apgar said. “CB is already built and operating and could be extended in other EU countries as an off-the-shelf alternative to Visa and Mastercard.”
