The Cards and Payments Market in China 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.
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.
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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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Some of the dominating players in China Cards and Payments Market:
- Agricultural Bank of China
- Industrial and Commercial Bank of China
- China Construction Bank
- Bank of China
- China Merchants Bank
- Bank of Communications
The Market in China 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 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.
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