The China Cards and Payments Market is set to expand rapidly owing to the growing demand from the rising middle class populace for better standards of living and provision for quality goods. The increasing urbanization is also anticipated to encourage customers to use card-based payments for convenience. The exponential growth in the online commerce segment of Chine which has many domestic sites such as Taobao, tuan800, and 360 buy which have outperformed international giants such as Amazon and ebay. The availability of a good payment infrastructure and deep penetration of the internet in the region are the other factors encouraging the growth of this segment.
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A variety of products are being offered by Rural Banks in China which include customized value added services. Farmers, agricultural workers, farming cooperatives, and labor union members, are being offered customized schemes by commercial and cooperative banks. The Xing Nong Card offered by the Shanghai Rural Commercial Banks is one such card for farmers, which includes the provisions for statement management services, merchant promotions, specialized discounts and the cardholder’s balance via text message.
China Cards and Payments Market Growth Potential
Employees in the corporate sector are being increasingly given gift cards as payment incentives by corporate clients. Even though the central bank legislations are stringent, the demand for gift is projected to expand during the forecast period. The credit card segment of the cards and payments market in China is expected to attract more foreign competitors as the foreign banks were, till 2012, not permitted to issue their own credit cards and were only allowed to issue co-branded cards in partnership with a domestic counterpart. However, with the granting of the first standalone license to the Citibank, this landscape has changed and foreign banks are expected to be further attracted to tap the market in this region.
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The China Cards and Payments Market is analysed geographically under the region of Asia Pacific. China accounts for one of the largest shares of the Asia Pacific Cards and Payments 2017, and is also showing robust growth in the China Cards and Payments Market. The government reforms taking place for the development of the card payments channel are expected to keep the market outlook stable in the coming future.
Some of the companies profiled in the report:
- Agricultural Bank of China
- Industrial and Commercial Bank of China
- China Construction Bank
- Bank of China
- China Merchants Bank
- Bank of Communications
Key Questions Answered by the report
- What is the market size of the Chinese Cards and Payments market?
- What are the major operators and issuers in China?
- What is the current state of emerging payment technologies?
Reasons to Purchase this report
- Track key industry trends, opportunities and threats related to the China cards and payments industry and each market within it.
- Gain insights into the competitive landscape of card issuers for both, debit cards and pay later cards.
- Gain insights into marketing strategies used by market players for various card types in China.
- Gain insights into key regulations governing the China cards and payments market
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