A PYMNTS Company

France: Banks’ new rival to PayPal closely watched by authorities

By  |  September 18, 2013

Three banks have partnered to launch a new online payment service to rival PayPal, though reports say the project is being eyed heavily by antitrust regulators and could face intervention by authorities, if necessary.

Three banks, BNP Paribas, Societe Generale and La Banque Postale, joined to create Paylib, which allows consumers to pay transactions online with lower processing fees than PayPal.

The service is currently only available within France. The banks said they hope to eventually include more lenders in the project, as it is an open standard.

According to reports, 23 million consumers have access to Paylib, as opposed to just 7 million with access to PayPal within France.

Full Content: Tech Crunch

Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.