French banks develop new e-commerce payment method called Paylib

Potential PayPal rival, Paylib, has already recruited French merchants to take on simple login and password payment solution.

23 Million French consumers are already using Paylib, compared to 7 million PayPal users in France. The payment system has been created by three major banks: BNP Paribas, Société Générale and La Banque Postale with the intention of bringing more French banks on-board.

With processing costs lower than those by PayPal for French merchants, Paylib is hoping to create a storm in the French e-payment market and to empower French banks that choose to become partner.

Websites that are already using Paylib include Leroy Merlin, Voyages-sncf.com, Ventesprivees.com and PriceMinister – all well know and successful e-commerce platforms which should help in the initial development plan for Paylib.