TMCnet News
China Financial Cards & Payments Market Expect Healthy Forecast Growth; Financial card transactions further decelerate yet remain robust in 2013(M2 PressWIRE Via Acquire Media NewsEdge) 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. Complete report is available @ http://www.rnrmarketresearch.com/financial-cards-and-payments-in-china-market-report.html . 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. Purchase a copy of this report @ http://www.rnrmarketresearch.com/contacts/purchase?rname=67717 . Explore more market research reports on Credit Card at http://www.rnrmarketresearch.com/reports/business-financial-services/financial-services/credit-card . About Us: RnRMarketResearch.com is an online market research reports library of 350,000+ in-depth studies of over 5000 micro markets. Our database includes reports by leading publishers from across the globe. Call +1 888 391 5441 with your research requirements. CONTACT: Priyank Tiwari [email protected] +1 888 391 5441 http://www.rnrmarketresearch.com/blog/ . (c) 2014 M2 COMMUNICATIONS |