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Carrefour offers new online banking service for clients

Wednesday 22 March 2017 | 09:10 AM CET

Carrefour, a French retailer, has launched C-zam, a current account for anyone over 18, that can be opened on presentation of two identity cards and activated online in 10 minutes.

The move comes as French telecoms operator Orange and its partner Groupama also aim to launch Orange bank in mid-May in France, where the online banking market is dominated by ING Direct, Societe Generale's Boursorama and Credit Mutuel Arkea's Fortuneo.

It is also part of Carrefour strategy to step up its online expansion. In March 2017, Carrefour targeted a group business volume of EUR 4 billion from ecommerce by 2020 against EUR 1.2 billion in 2016.

Under the offer, a client going to a Carrefour store can buy for EUR 5 from April 18 onwards a box coupling a current account managed online to a MasterCard payment card. The account allows no overdraft and is accessible to all regardless of income level or resources. It will cost its user one euro per month.

Carrefour Banque, created in 1981 and 40% controlled by BNP Paribas, already offers consumer credit, savings, and insurance services to its 2.5 million clients.

The new service will initially be available in more than 3,000 Carrefour stores in France. C-zam is also available to people unable to get mainstream accounts.

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