China Cards & Payments: Opportunities and Risks to 2023
GlobalDatas 'China Cards & Payments: Opportunities and Risks to 2023' report provides detailed analysis of market trends in the Chinese cards and payments industry. It provides values and volumes for a number of key performance indicators in the industry, including cash, cards, credit transfers, direct debits, and cheques during the review-period (2015-19e).
The report also analyzes various payment card markets operating in the industry and provides detailed information on the number of cards in circulation, transaction values and volumes during the review-period and over the forecast-period (2019e-23f). It also offers information on the country's competitive landscape, including market shares of issuers and schemes.
The report brings together GlobalDatas research, modeling, and analysis expertise to allow banks and card issuers to identify segment dynamics and competitive advantages. The report also covers detailed regulatory policies and recent changes in regulatory structure.
GlobalDatas 'China Cards & Payments: Opportunities and Risks to 2023' report provides top-level market analysis, information and insights into the Chinese cards and payments industry, including -
- Current and forecast values for each market in the Chinese cards and payments industry, including debit, credit, and charge cards.
- Detailed insights into payment instruments including cash, cards, credit transfers, direct debits, and cheques. It also, includes an overview of the country's key alternative payment instruments.
- E-commerce market analysis.
- Analysis of various market drivers and regulations governing the Chinese cards and payments industry.
- Detailed analysis of strategies adopted by banks and other institutions to market debit, credit, and charge cards.
- The licensing of international schemes by the PBOC to set up set up a domestic bankcard-clearing institution in the country is likely to spur competition in the Chinese payment card market, which has been until now dominated by CUP. Most recently, in February 2020, Mastercard, with its joint venture partner NetsUnion Clearing Corp., received approval from the PBOC to set up a domestic bankcard-clearing system. Previously, in November 2018, American Express became the first foreign card company to receive approval to establish a network to clear card payments in China. American Express partnered with the Chinese fintech company Zhejiang LianLian Technology Co. to establish a joint venture company called Express (Hangzhou) Technology Services Co., for setting up the payments network and enabling card processing in China.
- Chinese individuals are increasingly adopting face recognition technology for authenticating payments. This trend was started by Alipays Smile to Pay facial recognition system, which was initially rolled out in in September 2017 at KFC outlets in China. Smile to Pay scans the customers face and matches it with its database to complete transactions. Following this, other players started entering this space; in September 2017, HSBC introduced selfie payments on its mobile banking app using facial recognition technology. For this, HSBC mobile banking users are required to authenticate the payment by blinking into the camera using the selfie mode. Furthermore, in August 2019, WeChat Pay introduced a payment device, Frog Pro, which uses facial recognition technology to make payments. Recently, in October 2019, the state-owned card issuer UnionPay introduced its facial recognition payment service, Face Scan Pay, for improving the payment experience.
- In China, prepaid cards are also provided by local governments to enable citizens to pay for transport and utilities. Transportation cards have evolved to enable payment for non-transport services such as taxes, parking meters, supermarkets and restaurants. To unify public transport payments across China, China's nationwide public transit card, the China T-union transport card, was introduced in 2018, and can be used making payments for ferries, taxis, buses, bikes and subways. According to the Ministry of Transport, as of July 2019, the T-union card system is available in 245 cities, with over 31.5 million cards in use.
Reasons to Buy
- Make strategic business decisions, using top-level historic and forecast market data, related to the Chinese cards and payments industry and each market within it.
- Understand the key market trends and growth opportunities in the Chinese cards and payments industry.
- Assess the competitive dynamics in the Chinese cards and payments industry.
- Gain insights into marketing strategies used for various card types in China.
- Gain insights into key regulations governing the Chinese cards and payments industry.
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