France’s Casino Group takes 5% stake in Lyf Pay
France-based Casino Group has taken an initial 5% stake in mobile paytech Lyf Pay to offers its customers a “shopping experience richer and more complete”.
Financial details were not disclosed
Financial details were not disclosed. This acquisition takes place after a collaboration phase started in 2017, which saw the duo develop services around mobile payments – such as deferred and cashless options – in Géant hypermarkets and Casino supermarkets in France, especially via the app Max Casino.
After a first roll-out in these hypermarkets and supermarkets (around 500 stores), the deployment of the Lyf Pay solution will continue in the next months in the other brands of the group: Le Petit Casino, Leader Price, Franprix, Monoprix, and Naturalia.
Cyril Bourgois, director of digital transformation and innovation at Casino Group, says: “The goal is simple: to offer our customers a payment experience ultra fluid, fast and complete, like what is already proposed in the Casino Max application.”
Services will include pay now or later, and loyalty benefits and coupons.
“This partnership confirms the unique positioning of the Lyf Pay solution to the convergence of payment and trade ecosystems, bringing together leading players in finance and trade such as BNP Paribas, Crédit Mutuel, Auchan, Total, Mastercard, Oney. Our solution is therefore part of more and more in the daily consumption of customers,” adds Christophe Dolique, CEO of Lyf Pay.
Lyf Pay originates from the merging of previous mobile payment technologies – Wa! from BNP Paribas and Fivory from Carrefour. As quoted above, other participants in Lyf include Mastercard and Credit Mutuel.
The Lyf Pay app relies on QR codes, is non-proprietary, and can be used on all smartphones.
