During the review period, the Chinese Cards and Payments channel registered a CAGR of 18.42%.
Urbanization and a growing middle-class population are encouraging a shift to card-based transactions
The demand for luxury consumption from China’s middle-class population has supported the proliferation of high-value card-based transactions. In addition, urbanization has improved living standards and retail expenditure, which has positively impacted the industry.
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Government initiatives support the use of debit and credit cards
During the review period, government efforts to increase card issuance supported card use. The government issued social security cards to beneficiaries as part of its 12th five-year plan in 2011. These cards can be used to withdraw and deposit cash and make payments at the point of sale (POS) terminals, thereby popularizing cards among the Chinese population. In another similar initiative, China Union Pay (CUP) attempted to increase its issuance of charge cards to businesses. Standard charge cards were issued in 31 provinces and municipalities to advocate budget management and transparency in business practices.
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Growth of remittances
After India, China is the second-largest recipient of remittances in the world. Remittances have increased since 2010. This provides a base to introduce card-based online and mobile payments. The remittance market is already targeted by international competitors and mobile payment providers such as Luup International Ltd. (Luup). The transfer of remittances through m-payments is expected to decrease the cost of inward remittances and increase the scope for card-based payments.
Online commerce growth
China is one of the largest e-commerce markets in the world and is growing rapidly due to high internet penetration. Domestic sites such as Taobao, paipai and tuan800 have outperformed foreign sites such as eBay and Amazon. Payments are primarily made through cards or as cash-on-delivery.
Some of the Dominating players in the Market:
- Agricultural Bank of China
- Industrial and Commercial Bank of China
- China Construction Bank
- Bank of China
- China Merchants Bank
- Bank of Communications
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