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Financial Cards and Payments in China
October 2021
Financial cards and payments in 2021: The big picture
With the macroeconomy back on track and people returning to their normal lives, financial cards and payments in China is expected to recover to above the pre-pandemic level in value terms in 2021. Card payments, especially debit cards, continue to dominate the overall consumer payments landscape, and a large part of transactions are completed online by connecting with digital payment methods.
2021 key trends
In 2021, the consumer payment system has seen the acceleration of digital transformation, not only from industrial players, but also from the government, which actively sped up the establishment of a digital payment system. The People’s Bank of China (PBoC) cooperated with local governments to launch a series of digital currency trials across main cities in this year, including Beijing and Shanghai.
Good performance of the macroeconomy facilitates recovery of consumer payments
Thanks to effective control measures adopted by the Chinese government, the impact of the COVID-19 pandemic on the macroeconomy and consumer payments in China has been relatively limited. In fact, the rapid recovery of the macroeconomy has been a core factor driving the rebound of consumer payments in China in 2021, and healthy continued development will offer strong support to back up growth in consumer payments moving forward.
Advanced technologies further enrich payment methods and application scenarios
The penetration of online payments in China is already at a high level, either e-commerce remote payments or proximity payments, diversifying consumer payment scenarios both offline and online. At present, players in consumer payments in China are aiming to further improve the popularity of digital payment in low-tier cities and remote areas.
The industry is dominated by leading banks, UnionPay and third-party players
Consumer payments is being driven by leading players from card issuers and card operators, as well as players in third-party payments. In terms of card issuers, the top four banks, Industrial & Commercial Bank of China, Bank of China, China Construction Bank Corp and Agricultural Bank of China, are still amongst the top players in the overall industry.
What next for financial cards and payments?
Financial cards and payments in China has always had a leading role all over the world. Due to the COVID-19 pandemic, digital/mobile payment penetration has seen a significant improvement in this market following the expansion of the digital consumer base.
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Overview:
Understand the latest market trends and future growth opportunities for the Financial Cards and Payments industry in China with research from Euromonitor International's team of in-country analysts – experts by industry and geographic specialisation.
Key trends are clearly and succinctly summarised alongside the most current research data available. Understand and assess competitive threats and plan corporate strategy with our qualitative analysis, insight and confident growth projections.
If you're in the Financial Cards and Payments industry in China, our research will help you to make informed, intelligent decisions; to recognise and profit from opportunity, or to offer resilience amidst market uncertainty.
The Financial Cards and Payments in China report includes:
Analysis of key supply-side and demand trends
Detailed segmentation of international and local products
Historic volume and value sizes, company and brand market shares
Five year forecasts of market trends and market growth
Robust and transparent research methodology, conducted in-country
This report answers:
What is the market size of Financial Cards and Payments in China?
What are the major trends key to understanding Financial Cards and Payments in China?
How has COVID-19, recession and macroeconomic volatility impacted the market?
How long will the market take to recover? What are the opportunities now?
How will political context and shifting cultural values shape future growth?
Where is future growth expected to be most dynamic?
Financial Cards and Payments in China - Industry Overview
EXECUTIVE SUMMARY
Financial cards and payments in 2021: The big picture
2021 key trends
Good performance of the macroeconomy facilitates recovery of consumer payments
Advanced technologies further enrich payment methods and application scenarios
The industry is dominated by leading banks, UnionPay and third-party players
What next for financial cards and payments?
MARKET INDICATORS
Table 1 Number of POS Terminals: Units 2016-2021Table 2 Number of ATMs: Units 2016-2021Table 3 Value Lost to Fraud 2016-2021Table 4 Card Expenditure by Location 2021Table 5 Financial Cards in Circulation by Type: % Number of Cards 2016-2021Table 6 Domestic versus Foreign Spend 2021
MARKET DATA
Table 7 Financial Cards by Category: Number of Cards in Circulation 2016-2021Table 8 Financial Cards by Category: Number of Accounts 2016-2021Table 9 Financial Cards Transactions by Category: Value 2016-2021Table 10 Financial Cards by Category: Number of Transactions 2016-2021Table 11 Consumer Payments by Category: Value 2016-2021Table 12 Consumer Payments by Category: Number of Transactions 2016-2021Table 13 M-Commerce by Category: Value 2016-2021Table 14 M-Commerce by Category: % Value Growth 2016-2021Table 15 Financial Cards: Number of Cards by Issuer 2016-2020Table 16 Financial Cards: Number of Cards by Operator 2016-2020Table 17 Financial Cards: Card Payment Transactions Value by Operator 2016-2020Table 18 Financial Cards: Card Payment Transactions Value by Issuer 2016-2020Table 19 Forecast Financial Cards by Category: Number of Cards in Circulation 2021-2026Table 20 Forecast Financial Cards by Category: Number of Accounts 2021-2026Table 21 Forecast Financial Cards Transactions by Category: Value 2021-2026Table 22 Forecast Financial Cards by Category: Number of Transactions 2021-2026Table 23 Forecast Consumer Payments by Category: Value 2021-2026Table 24 Forecast Consumer Payments by Category: Number of Transactions 2021-2026Table 25 Forecast M-Commerce by Category: Value 2021-2026Table 26 Forecast M-Commerce by Category: % Value Growth 2021-2026
DISCLAIMER
SOURCES
Summary 1 Research Sources
Credit Cards in China - Category analysis
KEY DATA FINDINGS
2021 DEVELOPMENTS
Credit card transaction value sees a recovery in 2021
Diversified services allow for consumer segmentation
Accelerated digital transformation
PROSPECTS AND OPPORTUNITIES
Virtual credit cards seems to be a new battleground for card issuers
Cultivating high-quality customers is a key development focus
CATEGORY DATA
Table 27 Credit Cards: Number of Cards in Circulation 2016-2021Table 28 Credit Cards Transactions 2016-2021Table 29 Credit Cards in Circulation: % Growth 2016-2021Table 30 Credit Cards Transactions: % Growth 2016-2021Table 31 Commercial Credit Cards: Number of Cards in Circulation 2016-2021Table 32 Commercial Credit Cards Transactions 2016-2021Table 33 Commercial Credit Cards in Circulation: % Growth 2016-2021Table 34 Commercial Credit Cards Transactions: % Growth 2016-2021Table 35 Personal Credit Cards: Number of Cards in Circulation 2016-2021Table 36 Personal Credit Cards Transactions 2016-2021Table 37 Personal Credit Cards in Circulation: % Growth 2016-2021Table 38 Personal Credit Cards Transactions: % Growth 2016-2021Table 39 Credit Cards: Number of Cards by Issuer 2016-2020Table 40 Credit Cards: Number of Cards by Operator 2016-2020Table 41 Credit Cards Payment Transaction Value by Issuer 2016-2020Table 42 Credit Cards Payment Transaction Value by Operator 2016-2020Table 43 Commercial Credit Cards: Number of Cards by Issuer 2016-2020Table 44 Commercial Credit Cards: Number of Cards by Operator 2016-2020Table 45 Commercial Credit Cards Payment Transaction Value by Issuer 2016-2020Table 46 Commercial Credit Cards Payment Transaction Value by Operator 2016-2020Table 47 Personal Credit Cards: Number of Cards by Issuer 2016-2020Table 48 Personal Credit Cards: Number of Cards by Operator 2016-2020Table 49 Personal Credit Cards Payment Transaction Value by Issuer 2016-2020Table 50 Personal Credit Cards Payment Transaction Value by Operator 2016-2020Table 51 Forecast Credit Cards: Number of Cards in Circulation 2021-2026Table 52 Forecast Credit Cards Transactions 2021-2026Table 53 Forecast Credit Cards in Circulation: % Growth 2021-2026Table 54 Forecast Credit Cards Transactions: % Growth 2021-2026Table 55 Forecast Commercial Credit Cards: Number of Cards in Circulation 2021-2026Table 56 Forecast Commercial Credit Cards Transactions 2021-2026Table 57 Forecast Commercial Credit Cards in Circulation: % Growth 2021-2026Table 58 Forecast Commercial Credit Cards Transactions: % Growth 2021-2026Table 59 Forecast Personal Credit Cards: Number of Cards in Circulation 2021-2026Table 60 Forecast Personal Credit Cards Transactions 2021-2026Table 61 Forecast Personal Credit Cards in Circulation: % Growth 2021-2026Table 62 Forecast Personal Credit Cards Transactions: % Growth 2021-2026
Debit Cards in China - Category analysis
KEY DATA FINDINGS
2021 DEVELOPMENTS
Debit cards continues to dominate card payments
Integration of online and offline resources to diversify application scenarios
Banks further improve security and fraud prevention
PROSPECTS AND OPPORTUNITIES
Online campaign seeks to play a vital role in future card issuer marketing
Promoting diversified payment methods to strengthen competitiveness
CATEGORY DATA
Table 63 Debit Cards: Number of Cards in Circulation 2016-2021Table 64 Debit Cards Transactions 2016-2021Table 65 Debit Cards in Circulation: % Growth 2016-2021Table 66 Debit Cards Transactions: % Growth 2016-2021Table 67 Debit Cards: Number of Cards by Issuer 2016-2020Table 68 Debit Cards: Number of Cards by Operator 2016-2020Table 69 Debit Cards Payment Transaction Value by Issuer 2016-2020Table 70 Debit Cards Payment Transaction Value by Operator 2016-2020Table 71 Forecast Debit Cards: Number of Cards in Circulation 2021-2026Table 72 Forecast Debit Cards Transactions 2021-2026Table 73 Forecast Debit Cards in Circulation: % Growth 2021-2026Table 74 Forecast Debit Cards Transactions: % Growth 2021-2026
Pre-Paid Cards in China - Category analysis
KEY DATA FINDINGS
2021 DEVELOPMENTS
Pre-paid cards sees signs of recovery in 2021
Stricter regulation of pre-paid cards
Number of open loop pre-paid card issuers continues to decline
PROSPECTS AND OPPORTUNITIES
Open loop pre-paid card issuers tend to cooperate with e-commerce giants
Digital closed loop pre-paid cards will lead trends in the future
CATEGORY DATA
Table 75 Pre-paid Cards: Number of Cards in Circulation 2016-2021Table 76 Pre-paid Cards Transactions 2016-2021Table 77 Pre-paid Cards in Circulation: % Growth 2016-2021Table 78 Pre-paid Cards Transactions: % Growth 2016-2021Table 79 Closed Loop Pre-paid Cards Transactions 2016-2021Table 80 Closed Loop Pre-paid Cards Transactions: % Growth 2016-2021Table 81 Open Loop Pre-paid Cards Transactions 2016-2021Table 82 Open Loop Pre-paid Cards Transactions: % Growth 2016-2021Table 83 Pre-paid Cards: Number of Cards by Issuer 2016-2020Table 84 Pre-paid Cards: Number of Cards by Operator 2016-2020Table 85 Pre-paid Cards Transaction Value by Issuer 2016-2020Table 86 Pre-paid Cards Transaction Value by Operator 2016-2020Table 87 Closed Loop Pre-paid Cards: Number of Cards by Issuer 2016-2020Table 88 Closed Loop Pre-paid Cards: Number of Cards by Operator 2016-2020Table 89 Closed Loop Pre-paid Cards Transaction Value by Issuer 2016-2020Table 90 Closed Loop Pre-paid Cards Transaction Value by Operator 2016-2020Table 91 Open Loop Pre-paid Cards: Number of Cards by Issuer 2016-2020Table 92 Open Loop Pre-paid Cards: Number of Cards by Operator 2016-2020Table 93 Open Loop Pre-paid Cards Transaction Value by Issuer 2016-2020Table 94 Open Loop Pre-paid Cards Transaction Value by Operator 2016-2020Table 95 Forecast Pre-paid Cards: Number of Cards in Circulation 2021-2026Table 96 Forecast Pre-paid Cards Transactions 2021-2026Table 97 Forecast Pre-paid Cards in Circulation: % Growth 2021-2026Table 98 Forecast Pre-paid Cards Transactions: % Growth 2021-2026Table 99 Forecast Closed Loop Pre-paid Cards Transactions 2021-2026Table 100 Forecast Closed Loop Pre-paid Cards Transactions: % Growth 2021-2026Table 101 Forecast Open Loop Pre-paid Cards Transactions 2021-2026Table 102 Forecast Open Loop Pre-paid Cards Transactions: % Growth 2021-2026
The following categories and subcategories are included: