China Cards & Payments Sector Assessed by Timetric in New Research Report Now Available at MarketPublishers.com29 Oct 2015 • by Natalie Aster
LONDON – Following the WTO ruling instead of discriminating against foreign firms, in October 2014, China announced its decision to open up to overseas competition its domestic bank card processing market, which was dominated by the local card association China UnionPay (CUP). As a consequence, MasterCard and Visa are allowed to set up their own processing centers across the country, effective as on June 1, 2015. This move by the national government is expected to enhance the level of competition in China’s payment cards sector and offer competition to the CUP.
Aiming to protect consumers’ interest and privacy, in August 2015, the country’s government proposed a novel set of regulations, suggesting determining the amount consumers can pay via third-party online payment systems like Tenpay and Alipay.
Operators are rolling out novel technologies like contactless m-payments to grab a larger share of China’s expanding payment cards market. In June 2013, China Mobile Communications Corporation and the CUP together launched a NFC-based mobile wallet called CUP Wallet in 14 cities.
New report “The Cards and Payments Industry in China: Emerging Trends and Opportunities to 2019” drawn up by Timetric provides deep insights into China’s cards and payments market, covering values (current and forecast) for each sector in the market, including credit, debit and charge cards. A granular examination of the prepaid cards sector is included. The report gives an all-round overview of different payment instruments such as payment cards, check payments, checks, credit transfers and cash transactions; gives an overview of the domestic major alternative payment instruments. It canvasses the various market driving factors and regulations influencing the industry; takes an up-close look at the strategies adopted by respective institutions to market credit, debit and charge cards; extensively reviews consumers’ attitudes and purchasing preferences for cards; details with respect to the competition in China's cards and payments market.
Top companies featured include: Industrial and Commercial Bank of China, China Construction Bank, Visa, Bank of China, China UnionPay, Agricultural Bank of China, Bank of Communications, MasterCard and American Express.
The Cards and Payments Industry in China: Emerging Trends and Opportunities to 2019
Published: October, 2015
Price: US$ 3,995.00
More studies by the publisher can be found at Timetric page.