Crédit Agricole and Worldline launch joint venture for merchant payment services

PARIS, FRANCE: Crédit Agricole and Worldline have received the green light from the European Commission to establish a joint venture aimed at revolutionizing digital payment services for merchants across France. The partnership is set to position the new entity as a formidable force in the French payment services sector.

The inaugural Board meeting, which took place on March 19, 2024, saw Laurent Bennet of Crédit Agricole des Savoie ascend to the role of Chairman of the Board of Directors, while Meriem Echcherfi was named Chief Executive Officer. The venture’s commercial brand is expected to be announced shortly.

With a strategic focus on becoming a leading player in the French market, the joint venture will capitalize on Worldline’s cutting-edge technology and innovation, especially in acceptance solutions, coupled with Crédit Agricole’s robust merchant acquiring capabilities. The venture will also spearhead the commercial outreach of this alliance, actively supporting Crédit Agricole’s banking network. Ownership is split between Worldline, holding a majority share of 50% plus one, ensuring full consolidation, and Crédit Agricole, holding 50% minus one share, with supervisory responsibilities.

A significant development is the integration of the “Cartes Bancaires” (CB) domestic payment scheme, which will not only benefit French merchants but also grant Worldline’s international clientele access to one of Europe’s most influential domestic payment schemes.

Gilles Grapinet, CEO of Worldline: “With the unconditional approval received from the European Commission at the beginning of March, we are particularly pleased to announce today the finalization of the agreements enabling the implementation of our joint-venture, which will be headed by Meriem Echcherfi. This is another key step in our strategic partnership with the Crédit Agricole group in France, a market offering extremely important development prospects for Worldline. By combining Worldline’s technological expertise and offerings in payments with Crédit Agricole’s performance and distribution power, this unique collaboration promises to meet the ever-changing needs of merchants. Together, we have the greatest ambitions for our joint-venture, which will offer the best of our two groups to merchants and retailers operating in France in both physical and online commerce.”

Jean-Paul Mazoyer, Deputy General Manager of Crédit Agricole S.A. in charge of Technology, Digital and Payments: “After a period of preparation, the launch of our joint-venture marks the real starting point of our partnership with Worldline. This partnership with a major player in the payments business reflects Crédit Agricole’s ambition to strengthen its leadership in the payments business, a service at the heart of the banking relationship. Our joint-venture, which combines Worldline’s technological expertise in the acceptance business with the performance and commercial dynamism of the banks in Crédit Agricole group, indeed reflects our shared ambition to offer our merchants customers the very best payment solutions. Under the responsibility of Meriem Echcherfi, Managing Director, our joint-venture will rapidly become a key player and leader in the French market.”

The timeline for the joint venture is as follows:

• 2023-2024: An investment phase with €80 million funded by both Worldline and Crédit Agricole to foster product development and operationalize the venture.
• 2024: Completion of commercial contracts, establishment of the operational framework, regulatory compliance, and the unveiling of dedicated offerings along with the new brand.
• Early 2025: The joint venture is slated to become fully operational, initiating sales and generating gross operating income.

This strategic alliance marks a significant step towards enhancing the digital payment landscape in France, promising a future of innovation and growth in the sector.

Crédit Agricole acquires 7% stake in Worldline S.A. as part of strategic partnership