Paynovate enters the French market

The expansion to France was made possible following the company’s recent partnership with La Centrale de Paiement Sécurisé (LACPS), a French transaction broker. As a result of the joint venture, LACPS will facilitate Paynovate’s penetration into the French market by extending its offering to local bakeries, tobacco shops, pharmacies, restaurants, hotels, and other businesses.

What is more, according to the official statement, in the next months, LACPS will additionally launch other digital payment solutions by Paynovate, including IBAN accounts and credit and debit card issuing offerings.

When discussing the expansion, a Paynovate representative emphasised that venturing into France is the next logical and strategic step for the company after successfully establishing its presence in Belgium. Similarly, an official from LACPS explained that, via its collaboration with Paynovate, the French transaction broker sought to deliver comprehensive payment services to local merchants.

The news about this expansion aligns with the overall trend regarding customer demand for digital payments. According to industry experts, over the past three years, consumers have embraced emerging payment technologies, leading to a significant shift in their payment preferences. Therefore, dedicating resources to digital payment solutions that cater to the needs and expectations of consumers is an approach that aims to guarantee a positive customer experience.

Paynovate’s strategy and previous developments

Paynovate is an e-money provider that extends issuing, acquiring, and bank account services. As part of its offering, Paynovate leverages a single platform and point of contact for the processing of all transactions. The fintech is reportedly a fully licenced Belgian e-money institution (EMI) as well as licenced by the National Bank of Belgium and the FCA (AEMI).

The company's commitment to establishing a presence in Europe extends beyond its expansion into France. More to this point, earlier in 2023, officials from Paynovate talked about plans to establish a retail presence in the UK.

In 2022, the company garnered attention after it was announced that it partnered with Lithuania-based fraud management service provider iDenfy in a bid to accelerate and enhance the registration process for new customers. At the time, the decision to collaborate with iDenfy was purportedly informed by the growing prevalence of credit card fraud and the anticipation of a substantial increase in the expenses linked to identity theft by the year 2025.

Paynovate extends operations to France

Paynovate’s strategy and previous developments