Financial services company BNP Paribas has revealed its intention to launch the Tap to Pay on iPhone system for its users in France.
Tap to Pay on iPhone enables merchants to accept physical debit and credit cards, Apple Pay as well as other digital wallets using only their iPhone and the AXEPTA BNP Paribas app. The system eliminates the need for card readers or extra hardware.
When launched by BNP Paribas, Tap to Pay on iPhone will be compatible with the main payment schemes used in France, namely Cartes Bancaires (CB), a scheme that accounts for more than half of daily-life payments on the French market, as well as Visa and Mastercard according to BNP Paribas.
Tap to Pay on iPhone uses the built-in features of the app to keep business and customer data private and secure. When a payment is processed, Apple does not store card numbers on the device or on Apple servers to enable secure payments. It’s also worth noting that there's no set up cost for Tap to Pay on iPhone, which means that users pay the same transaction fees as they would if they were using a card reader. Moreover, since Tap to Pay on iPhone allows PIN verification, merchants are not restricted to the contactless limit.
As an international banking group, BNP Paribas owns platforms and businesses in Europe, while also having a presence in the Americas, and a fast-developing set-up in the Asia-Pacific region. In Europe, the group has four domestic markets, including Belgium, France, Italy, and Luxembourg.
In February 2024, telecommunications operator Orange and BNP Paribas announced the signing of multiple agreements that define the terms of their collaboration. Specifically, after entering into exclusive negotiations in June 2023, Orange and BNP Paribas concluded a referral agreement in France. BNP Paribas’ digital bank, Hello bank.!, intends to provide Orange Bank’s customers in France with an exclusive and simplified account-creation mechanism, merged with dedicated support, enabling them to access daily banking services and a complete range of solutions, including savings, loans, insurance, trading, and cashback.
Initially, Orange and BNP Paribas’ partnership was part of the former’s initiative to progressively withdraw Orange Bank from the retail banking market in France and Spain. The project was set to be subject to several information and consultation procedures with employee representative bodies, with the process being conducted in full transparency.
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