[October 05, 2017] |
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Payments Landscape in Hong Kong: Opportunities and Risks to 2021 - Research and Markets
The "Payments
Landscape in Hong Kong: Opportunities and Risks to 2021" report
has been added to Research and Markets' offering.
"Payments Landscape in Hong Kong: Opportunities and Risks to 2021",
report provides detailed analysis of market trends in Hong Kong cards
and payments industry. It provides values and volumes for a number of
key performance indicators in the industry, including credit transfers,
direct debit, cash, payment cards, and cheques during the review-period
(2013-17e).
The report also analyzes various payment card markets operating in the
industry, and provides detailed information on the number of cards in
circulation, transaction values and volumes during the review-period and
over the forecast-period (2017-21f). It also offers information on the
country's competitive landscape, including the market shares of issuers
and schemes.
Scope
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With rising non-cash payments in the country, the need for a real-time
payment processing system has intensified. In line with this the Hong
Kong Monetary Authority (HKMA) is working with Hong Kong Interbank
Clearing to launch the Faster Payment System in 2018. Currently, the
Hong Kong Dollar Clearing House Automated Transfer System, the
country's real-time gross settlement system, is accountabl for
settling high-value interbank transactions, while low-value
transactions are processed through electronic clearing.
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Alternative payments are gaining traction in the country. In June 2017
UnionPay launched its HCE- and tokenization-based m-payment service
QuickPass, enabling users to pay using their UnionPay QuickPass chip
card or mobile QuickPass-enabled smartphones and wearable devices at
contactless POS terminals. Similarly, in May 2017 Samsung (News - Alert) Pay was
introduced in Hong Kong, allowing users to make purchases at
participating stores with Samsung devices across all forms of
terminals, including magnetic stripe, EMV, and NFC. Likewise, to offer
convenient wallet top-up options, in June 2017 HKT Payments announced
that Bank of China customers who use the Tap & Go wallet can instantly
add funds through the Instant Bank Transfer' option in the top-up
menu. Further, Tap & Go consumers can recharge the wallet by using
local coins at HEYCOINS kiosks.
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Leading scheme providers such as Visa and Mastercard have also
introduced payment solutions in Hong Kong. Mastercard launched the
Masterpass digital wallet in July 2015, enabling customers to make
online payments with a registered payment card using a mobile phone,
without disclosing card details for every purchase. Similarly, Visa
launched the Visa Checkout online payment service in December 2015,
allowing users to pay for online purchases by smartphone. It stores
users' payment and shipping details and uses a username and password
for authentication, streamlining the ordering process.
Key Topics Covered:
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Market Overview
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Card-based Payments
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E-commerce Payments
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Alternative Payments
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Payments Infrastructure & Regulation
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Appendix
Companies Mentioned
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HSBC
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Standard Chartered
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Bank of China (Hong Kong)
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Citibank
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DBS
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BEA
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EPS
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CUP
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Visa
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Mastercard
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American Express (News - Alert)
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Diners Club
For more information about this report visit https://www.researchandmarkets.com/research/ddpjvw/payments
View source version on businesswire.com: http://www.businesswire.com/news/home/20171005005627/en/
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