French opinion on peer-to-peer transfer payments 2020, by type of opinion

With the rise of the e-commerce, come new payment technologies. While some, such as the e-commerce payment methods and the peer-to-peer transfer, have been around for quite a while now, the source has questioned French consumers about how innovative, future-oriented, practical or risky they found peer-to-peer payments to be. They had the highest rate of practicality and were also rated by 62 percent at high risk for banking fraud or piracy. Crypto-currencies, e-wallets and QR codes were considered reserved for tech-savvy individuals (68-69 percent).

Peer-to-peer solutions and authentication

Most of French people are ready to pay between 51 and 100 euros using these types of payments. Higher payments include higher risks, and the most important aspect for French people in terms of trust in online transactions, was a guaranteed security of the provider. To address this issue, security systems appear to be increasingly implemented for Internet transactions: in April 2019, 43 percent of online payments were secured by the 3D-Secure protocol. Furhtermore, most providers have mastered the art of sending out secret codes, which was one of the prefered authentication methods of consumers. In the not so near future (as PayPal and Apple Pay have already implemented some measures), applications using fingerprint authentication was the methods most plebisited by French mobile surfers.

A general business model of sharing economy practices

The peer-to-peer system has been applied to other sectors of e-commerce: C2C commerce or sharing economies have gained importance in the past years, with a shift in values of French consumerism. As many have directed themselves in a sustainable direction, re-usage, recycling, and re-selling have become frequent terms in everyday consumerist language. As much as 62 percent of French people have already sold or bought a second hand article online, with one of the biggest sharing eco,omy platforms, Leboncoin.fr, reaching reaching a total turnover of more than 232 million euros in 2019. Thus, peer-to-peer platfroms, might it be in the form of payments or second-hand product catalogue, are means to connect consumers.