French retailer Carrefour launches online bank account

French retailer Carrefour launches online bank account

French retail giant Carrefour has stepped up its interest in financial services through the launch of an online-based current account.

According to Reuters, shoppers will be able to open a C-zam account and get a linked Mastercard card at more than 3000 Carrefour stores for EUR5, with a EUR1 monthly fee.

The low cost and the requirement of just two pieces of ID to sign up are designed to make the service available to people who may struggle to open accounts with traditional banks, with a particular focus on people in their 20s and 30s.

C-zam is the first current account offered by a retailer in a French online banking market dominated by ING Direct, SocGen's Boursorama and Credit Mutuel Arkea's Fortuneo.

However, other new players are emerging, notably telco Orange, which is prepping a mobile led bank after buying a 65% stake in France's Groupama Banque. Meanwhile, Groupe BPCE has signalled its digital internet by acquiring German upstart Fidor.

Comments: (1)

Hitesh Thakkar
Hitesh Thakkar - SME - Fintech startups (APAC and Africa) - India 21 March, 2017, 13:43Be the first to give this comment the thumbs up 0 likes

It seems to be classic development of collobration of universal bank ( BNP Paribas) with CarreFour Retailer to get into Financial inclusion.