Just Published: "Financial Cards and Payments in China"

From: Fast Market Research, Inc.
Published: Tue Nov 17 2015

Growth in financial cards transactions decelerates

Financial cards transactions in China registered decelerating growth in 2015, although more Chinese consumers are getting used to making payments using cards instead of cash due to the convenience and promotions offered. In addition to the relatively large base after several years of dynamic growth, the slowdown is mainly caused by weaker consumer confidence and a more conservative attitude in consumption due to the uncertainties in the economic environment. Furthermore, the strict implementation of anti-corruption policy continues to significantly affect pre-paid transactions.

Increasingly fierce competition amongst players

In China, the competition in financial cards, especially credit cards, continues to intensify amongst players as they have been making strong efforts to encourage card use and payment with strategies including engaging in aggressive marketing campaigns, offering numerous offers (ranging from travelling to dining) as well as launching various new cards to cater to the specific needs of consumers to further attract consumers and gain market share.

Full Report Details at
- http://www.fastmr.com/prod/1072656_financial_cards_payments.aspx?afid=301

New bank card clearing rules launched in 2015

In April 2015, the Chinese government released detailed regulations to widen the market for bank card clearing services to further open and improve the financial sector. Starting from 1 June 2015, both international and domestic players meeting the requirements of the qualification are allowed to apply to conduct bank card clearing services in China. This is set to break the monopoly of China UnionPay and increase competition in the market to bring actual benefits to consumers.

Mobile payments continue to soar in China

In 2015, mobile payments saw an outstanding performance and have gained great popularity amongst Chinese consumers in terms of both transaction volume and transaction value thanks to the speed and convenience as well as the rising acceptance of on-the-go consumption. Meanwhile, the penetration of smartphones into lower-tier cities and the aggressive expansion of the leading players, especially the representative of the third-party payment operator, Alipay, have further contributed to the rapid development of mobile payments.

Healthy growth seen in financial cards and payments over the forecast period

Financial cards and payments in China is expected to see further steady growth over the forecast period due to the further penetration of financial cards, especially into lower-tier cities, and the growing acceptance of cashless transactions. The convenience of paying with financial cards, the benefits and rewards that come with this as well as the expected improvement in the security and efficiency of the card transaction environment are likely to increase the popularity of cashless payment over the forecast period.Report Overview

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Contact Name: Bill Thompson
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