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Emerging Opportunities in Hong Kong's Cards and Payments Industry 2012: Market Size, Trends and Drivers, Strategies, Products and Competitive Landscape(M2 PressWIRE Via Acquire Media NewsEdge) Dublin - Research and Markets (http://www.researchandmarkets.com/research/5wfh8f/emerging) has announced the addition of the "Emerging Opportunities in Hong Kong's Cards and Payments Industry: Market Size, Trends and Drivers, Strategies, Products and Competitive Landscape" report to their offering. Within the Asia-Pacific region, Hong Kong is an important banking and financial centre. Hong Kong's cards and payments industry recorded nominal growth during the review period (2008-2012) growing at a CAGR of 5.85%. It is expected register a CAGR of 2.76% over forecast period (2013-2017). The debit and credit card categories are anticipated to post a slight growth over the forecast period. The debit card category is expected to post a CAGR of 1.67% while the credit card category is expected to grow at a CAGR of 2.55%. The prepaid and charge card categories are anticipated to be the key industry drivers. The charge card category is expected to grow at a CAGR of 4.30% and the prepaid card category is projected to grow at a CAGR of 3.07% over the forecast period. Online shopping in Hong Kong is rapidly growing in popularity due to improvements in telecommunication infrastructure and payment and security systems. The nation's increasing internet penetration rate is a key driver of online retail sales. Key Highlights - The prepaid and charge card categories are anticipated to be the key industry drivers. The charge card category is expected to grow at a CAGR of 4.30% and the prepaid card category is projected to grow at a CAGR of 3.07% over the forecast period. - In 2011, electronic payment provider PayPal processed more than 8,000 mobile payments daily in Hong Kong. Hong Kong registered as the second-highest user of coupons and this behavior is driven by the price consciousness of Hong Kong shoppers. - The 2012-2013 budget, released in February 2012, proposed a one off reduction of 75% for salaries tax and tax under personal assessment assessed for 2011-2012, subject to a ceiling of HKD12,000. This reduction would be reflected in the final tax payable for 2011-2012. - Payment systems in Hong Kong are dominated by cash-based transactions. However, due to improved security measures in alternative payment platforms, the market share of cash-based transactions decreased from 62.6% in 2008 to 59.7% in 2012. The value of card-based transactions grew at a CAGR of 11.41% during the review period to gain a market share of 26.2% in 2012. - In 2011, 42 million people visited Hong Kong, an increase of 16.4% over 2010. Mainland China, accounted for the most inbound tourists with 28.1 million arrivals, or 67%, of the total arrivals. Total expenditure valued HKD263 billion, an increase of 24% over 2010. - The low costs associated with prepaid and debit cards encouraged a large proportion of the population to apply for these products. The initial cost of acquiring a prepaid card is affordable for most of the population. For example, the Octopus card can be acquired for an initial amount of HKD50. Key Topics Covered: 1 Executive Summary 2 Market Attractiveness and Future Prospects of Cards and Payments Industry 3 Analysis of Hong Kong's Cards and Payments Industry Drivers 4 Emerging Consumer Attitudes and Trends 5 Competitive Landscape and Industry Dynamics 6 Strategies Adopted by Key Players 7 Market Size and Growth Potential of Payment Card Industry 8 Company Profiles, Product, and Marketing Strategies 9 Appendix Companies Mentioned - HSBC Hong Kong - Hang Seng Bank - Bank of East Asia (BEA) - Bank of China Hong Kong Limited (BOCHK) - Standard Chartered Bank (Hong Kong) Limited (SCB) For more information visit http://www.researchandmarkets.com/research/5wfh8f/emerging CONTACT: Research and Markets, Laura Wood, Senior Manager. [email protected] Fax from USA: 646-607-1907 Fax from rest of the world: +353-1-481-1716 Sector: Cards (http://www.researchandmarkets.com/categories.asp cat_id=314&campaign_id=5wfh8f) ((M2 Communications disclaims all liability for information provided within M2 PressWIRE. Data supplied by named party/parties. Further information on M2 PressWIRE can be obtained at http://www.presswire.net on the world wide web. Inquiries to [email protected])). (c) 2012 M2 COMMUNICATIONS |