Addressing consumer needs : the organisation of consumer credit
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The use of credit in France has gradually grown since the s and is now widely accepted. Consumer credit was introduced in the s and marked a genuine turning point for French society. It was not until the s that credit enabled private individuals to make larger-scale purchases. The change originated in the car industry. After World War II, the French government initially restricted credit for individuals, preferring to direct savings towards reconstruction and industrial equipment. French households then invested heavily in domestic appliances: Arthur Martin and Moulinex relied on consumer credit to boost their sales. Borrowing enabled many families to buy a fridge, a washing machine or a gas cooker, items which had previously been beyond the reach of those on middle-class salaries. This same year saw Jacques de Fouchier launch Cetelem , which financed the purchase of domestic appliances and was the first company in France to provide consumer credit. Revolving credit cards , a great novelty at the time, enabled customers to make in-store purchases up to the limit of the funds available on the card— a system still in use today. By the end of the decade, one in every two cars and television sets was bought on credit, a percentage that would continue to rise in the case of cars.
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PayPal, the world leader in on-line payments, and BNP Paribas Personal Finance, the leading provider of credit to individuals in Europe, have announced the formation of a strategic European partnership for financing on-line purchases. The two partners have also embarked on discussions that could lead to the launch by of an innovatory offer of on-line payment under the PayPal trade mark. PayPal offers its customers, purchasers and traders a wide variety of sources of supply for their on-line payments that are adapted to suit the various European markets: balancing the PayPal account, bank cards, bank accounts, prepaid cards, etc. It is continuing that strategy with the permanent aim of adapting itself to new methods of consumption, and has decided to join with BNP Paribas Personal Finance in the context of financing on-line purchases.
Linked to a permanent account, it could be used in stores or in the form of direct financing. This poster distributed in the s promoted the simplicity of the concept and its practicality. Customers could use the card to make withdrawals and payments and to access credits and services. The Aurore card quickly won over the French people. In , more than 10 million French people had the card. This advertising poster shows a hand indicating the range of Carte Bleue bankcards marketed by […]. This poster shows a neighbourhood map signalling the presence of a BNP automatic teller machine […]. This website has a cultural and historical purpose; it is not intended to deal with trade and banking relationship issues which will not be processed. If you have a document, a photo, a story about BNP Paribas history and want to share it, please do not hesitate to share it there.