Credit Agricole, one of the largest banks in the world, has launched a payments venture aimed at competing with PayPal.

Kwixo (we have no idea how to pronounce it) was launched with FIA-Net, a payments solutions provider, and Europe LCL, another banking concern. FIA-Net is actually a subsidiary of Credit Agricole, and will manage the venture for the bank.

Credit Agricole says it has about 20 million customers. It is unclear whether Kwixo facilitates payments with banks beyond Credit Agricole and LCL.