PARIS (dpa-AFX) - Credit Agricole SA (ACA), a retail lender, and Worldline SA (WLN.PA), a financial service provider, said on Wednesday that they formed a joint venture, or JV, to provide digital payment services for merchants in France.
The JV will leverage Worldline's technological and innovation capabilities, particularly in the area of acceptance, and Credit Agricole's merchant acquisition performance.
The JV will also be responsible for the commercial development of this alliance with merchants, while providing active support to the banks within Credit Agricole.
It will also integrate the Cartes Bancaires, or CB, domestic payment scheme.
In addition to French merchants, Worldline will offer its international merchants access to the CB scheme to extend its local payment methods.
'The joint venture is 50% owned plus one share by Worldline and will therefore be fully consolidated. Credit Agricole holds 50% of the capital less one share and will supervise the joint venture,' the two companies said.
Laurent Bennet, CEO of Credit Agricole des Savoie, will serve as Chairman, whereas Meriem Echcherfi will be CEO of the JV.
The companies noted that they will unveil the commercial brand of the JV in the near future.
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