Financial card transactions further decelerate yet remain robust in 2013
Total card transactions further decelerate in 2013 as compared to 2012, mainly due to the economic slowdown in China and the uncertain global economy, leading to weaker consumer confidence and less frequent transactions. However, total card transactions remain vigorous in cards in circulation, transactions and retail value, underpinned by consumers’ growing acceptance of debit and credit cards, to facilitate a cashless, secure and convenient transaction in line with the faster pace of life particularly among urban dwellers.
Skyrocketing internet retailing accelerates online and mobile transactions
Internet retailing is booming in China, backed by the mounting internet surfers and the rising ownership of computers and smartphones. Increasing online and mobile payments have further reduced transactions and retail value of ATMs, resulting in a decline in growth. On the other hand, debit and credit card transactions continue to be buoyant and record double-digit current value growth, though decelerating in 2013 over 2012 given the unfavourable macroeconomic climate.
China’s Big Four continue to lead despite intensifying competition
China’s Big Four, namely Agricultural Bank of China, Industrial & Commercial Bank of China, China Construction Bank and Bank of China, continue to take a comfortable lead in the card payment transactions market, jointly taking the lion’s share of total transaction value in the market. However, emerging banks such as China Everbright Bank and China Minsheng Bank are growing more vigorously with their flexible and creative marketing and development strategies.
Relevant authorities promote more secure and convenient transaction environment
To further boost the efficiency and security of transactions, People’s Bank of China, the central bank in the country, regulates that financial cards with integrated circuit (IC), or IC smart cards, will be promoted, to replace all magnetic stripe cards in developed regions by the end of 2014. The major card operator, China UnionPay, has taken one step further by launching the Quick Pass system, to enable contactless transactions for IC smart cards, which can further reduce the transaction time. To meet the growing demand for mobile commerce, China UnionPay also introduced the first contactless mobile payment system in 14 cities in 2013, enabling consumers to link their financial cards to NFC-enabled smartphones from China Mobile.
Financial cards and payments expect healthy forecast growth
Financial cards and payments are expected to experience a healthy value CAGR over the forecast period, propelled by a more secure and efficient transaction environment and the rising consumer acceptance of cashless transactions, on the back of soaring online and mobile payments. On the other hand, growing household income and the Chinese government’s policy to boost the economy via domestic consumption are also projected to have a positive effect on overall cards and payments performance over the forecast period.
Samples (FAQs about samples):Sample Financial Cards and Payments Market Research Report
Sample Financial Cards and Payments Data
Delivery: Files are delivered directly into your account within a few minutes of purchase.
Discover the latest market trends and uncover sources of future market growth for the Financial Cards and Payments industry in China with research from Euromonitor's team of in-country analysts.
Find hidden opportunities in the most current research data available, understand competitive threats with our detailed market analysis, and plan your corporate strategy with our expert qualitative analysis and growth projections.
If you're in the Financial Cards and Payments industry in China, our research will save you time and money while empowering you to make informed, profitable decisions.
The Financial Cards and Payments in China market research report includes:
- Analysis of key supply-side and demand trends
- Historic volumes and values, company and brand market shares
- Five year forecasts of market trends and market growth
- Robust and transparent market research methodology, conducted in-country
Our market research reports answer questions such as:
- What is the market size of Financial Cards and Payments in China?
- What are the major operators and issuers in China?
- How will regulation impact the market?
- What is the current state of emerging payment technologies such as mobile commerce?
Why buy this report?
- Gain competitive intelligence about market leaders
- Track key industry trends, opportunities and threats
- Inform your marketing, brand, strategy and market development, sales and supply functions
Euromonitor’s industry reports, including Financial Cards and Payments in China, originate from our database within our Consumer Finance market share and market size database, Passport, a platform which analyses Consumer Finance in 46 countries and globally.