Arkéa Adds an Insurance Offer for Credit Transfer Payments

Arkéa Adds an Insurance Offer for Credit Transfer Payments

FACTS

  • Arkéa expands their assistance and insurance services currently for card-based payments, to protect conventional and instant credit transfer-based payments, for free.
  • This offer applies to all of the group’s units: Crédit Mutuel de Bretagne and Crédit Mutuel du Sud-Ouest, Arkéa Banque Privée and their payment service, Max.
  • boost instant credit transfer volumes, providing them with similar protection services as those applied to card payments.
  • Arkéa cardholders (Mastercard Gold or World Elite) now benefit from the same guarantees and protection levels when paying via credit transfer and when paying by card.
  • This additional service includes:
    • Guarantee covering accidents and damage affecting material goods via Suravenir Assurances, Arkéa’s insurance subsidiary,
    • Assistance solution in partnership with Europ Assistance, for travel-related incidents.

CHALLENGES

  • Strategic step. More than 800,000 instant credit transfers were issued by French banks in August 2019. And nearly 25% of these payments were issued by Arkéa (Source: Arkéa). They would then account for roughly one third of the instant credit transfers in France. Considering this observation, they decided to expand their set of services, and apply guarantees to instant credit options, too, even if the volumes remain low.
  • Changing habits. On an international level, as well as in France, several banking institutions have been anticipating and supporting the development of a replacement for payment cards. Arkéa tries to prompt customers into making changes to their habits, using a free service to achieve this goal. For now, they are the only retail banking player featuring this option at no extra cost and with no other limit than the daily one on credit transfers. This case is also symbolic, as customers often choose card payments over other methods because of the associated guarantees.
  • Betting on the future. Only few tour operators or booking sites in France now accept credit transfer-based payments, but Arkea chooses to step up.

MARKET PERSPECTIVE

  • In December 2018, Crédit Mutuel Arkéa started featuring an instant credit transfer service that didn’t require customers to provide a banking identification document (RIB). This group is the first bank in France adding insurance offers to boost use rates.

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