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Payments Landscape in China: Opportunities and Risks to 2022

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Details

Payments Landscape in China: Opportunities and Risks to 2022

Summary

GlobalData's "Payments Landscape in China: Opportunities and Risks to 2022", report provides detailed analysis of market trends in the Chinese cards and payments industry. It provides values and volumes for a number of key performance indicators in the industry, including cash, cards, credit transfers, direct debit, and cheques during the review-period (2014-18e).

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 (2018e-22f). It also offers information on the country's competitive landscape, including market shares of issuers and schemes.

The report brings together GlobalData's research, modeling, and analysis expertise to allow banks and card issuers to identify segment dynamics and competitive advantages. The report also covers detailed regulatory policies and recent changes in regulatory structure.

This report provides top-level market analysis, information and insights into the Chinese cards and payments industry, including-

- Current and forecast values for each market in the Chinese cards and payments industry, including debit, credit, and charge cards.

- Detailed insights into payment instruments including cash, cards, credit transfers, direct debit, and cheques. It also, includes an overview of the country's key alternative payment instruments.

- E-commerce market analysis.

- Analysis of various market drivers and regulations governing the Chinese cards and payments industry.

- Detailed analysis of strategies adopted by banks and other institutions to market debit, credit, and charge cards.

Scope

- In an attempt to reduce fraud and promote the healthy and sustainable development of mobile payment services, China's central bank the People's Bank of China (PBOC) issued the Bar Code Payment Service Specification to regulate QR and barcode payments in December 2017. The regulation caps payments made by traditional QR codes to CNY500 (USD 76.86) per day; this can be extended up to CNY5,000 (USD 768.55) if the payment transaction is verified by two or more authenticating parties such as digital certificates and digital signatures. If a third-party payment institution provides payment services with this technology, it must obtain a network payment service license.

- In November 2018, American Express became the first foreign card network to gain approval to establish a network to clear card payments in China. The company has partnered with Chinese fintech Zhejiang LianLian Technology Co to establish a joint venture company called Express (Hangzhou) Technology Services Co. This new venture will be responsible for setting up the payments network and enabling card processing in China. Both Mastercard and Visa are currently seeking permission to build their own networks in China after Beijing started to allow foreign companies to apply for licenses. In a move to further promote competition, in March 2018 the central bank opened the payments market to foreign third-party electronic payment firms.

- The introduction of the 'Notice Concerning Matters in Relation to Credit Card Operations' by the central bank, which came into effect on January 1, 2017, has also driven the credit card market. The notice gave Chinese banks the right to independently determine credit card rates, minimum repayment amounts, interest-free periods, and overdraft interest rates-which enabled banks to offer tailored credit card products to consumers. The new rule, effective from January 2017, allows banks to offer up to a 30% discount on the credit card lending rate (previously 0.05% per day). Also, in order to give banks autonomy to set their own terms, the central bank decided to eliminate unified rules on banks' interest-free periods and minimum monthly repayments. Previously the interest-free period ran up to 60 days, while the minimum monthly payment was at least 10% of the monthly bill. The new rule also allows banks to decide whether and how much they will charge card holders for missed payments.

Reasons to buy

- Make strategic business decisions, using top-level historic and forecast market data, related to the Chinese cards and payments industry and each market within it.

- Understand the key market trends and growth opportunities in the Chinese cards and payments industry.

- Assess the competitive dynamics in the Chinese cards and payments industry.

- Gain insights into marketing strategies used for various card types in China.

- Gain insights into key regulations governing the Chinese cards and payments industry.

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Table Of Content

Scope

Table of Contents

Market Overview

Executive Summary

Card-based Payments

E-commerce Payments

Mobile Proximity Payments

P2P Payments

Bill Payments

Alternative Payments

Payment Innovations

Payments Infrastructure & Regulation

Appendix

Licence Rights

Single User License:
Report can be used by individual purchaser only

Site License:
Report can be shared by unlimited users within one corporate location, e.g. a regional office

Corporate User License: 
Report can be shared globally by unlimited users within the purchasing corporation e.g. all employees of a single company

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Products and Companies

Products

The cards and payments industry in China, Debit cards, Credit cards, Charge cards, E-commerce, Alternative payments


Companies

China Construction Bank

Agricultural Bank of China

Postal Savings Bank of China

Industrial & Commercial Bank of China

Bank of China

China Merchants Bank

China Guangfa Bank

China UnionPay