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Opportunities and Risks in the Chinese Cards and Payments Market to 2024: Buy Now Pay Later Gaining Traction with Generation Z Consumers
Saturday, January 8, 2022
DUBLIN, Dec. 31, 2021 /PRNewswire/ -- The "China Cards and Payments - Opportunities and Risks to 2024" report has been added to ResearchAndMarkets.com's offering.
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The 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 debits, mobile wallet, and cheques during the review-period (2016-20e).
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 (2020e-24f). It also offers information on the country's competitive landscape, including market shares of issuers and schemes.
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 debits, mobile wallet, 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.
Report Scope
-- The licensing of international schemes by the PBOC to set up a domestic
bankcard-clearing institution in the country is likely to spur
competition in the Chinese payment card market, which has, until now,
been dominated by CUP. In June 2020, Express (Hangzhou) Technology
Services, a joint venture between American Express and LianLian
DigiTech, was awarded the network clearing license from PBOC and CBIRC.
As a result, American Express became the first foreign card network to
secure a license to clear domestic card payments in China. After a
period of two months, the American Express joint venture commenced its
operations in August 2020. Earlier, in February 2020, Mastercard, with
its joint venture partner NetsUnion Clearing Corp., received approval
from the PBOC to set up a domestic bankcard clearing system.
-- The government is taking several initiatives to push credit card uptake
and use. For example, it introduced the 'Notice Concerning Matters in
Relation to Credit Card Operations', which came into effect on January
1, 2017. It also gave banks the right to independently determine minimum
repayment amounts and interest-free periods, which enabled banks to
offer tailored credit card products to their customers. The annualized
interest rate on credit cards was also capped from at least 12.775% up
to 18.25%. Meanwhile, starting January 1, 2021, the interest rates caps
on credit cards were completely removed. The interest rate can be
determined by the issuer and card holder through independent
negotiation. The lower borrowing costs will further push competition
between traditional lenders and fintech companies and thereby support
overall credit card market growth.
-- Buy now pay later' is an emerging trend globally. The service is also
gaining traction in China, particularly among Generation Z consumers. It
serves as an alternative flexible payment tool for individuals who lack
a credit card. To benefit from growing adoption of 'buy now pay later'
services, in March 2020, Tencent introduced Fen Fu, a credit feature in
its WeChat app, allowing its users to shop and pay later. The interest
is calculated on a daily basis and there is no fixed repayment date.
Users can repay the amount at any time in full or can pay the due amount
in monthly installments. In February 2021, LexinFintech, a consumer
finance platform, also announced the launch of its 'buy now pay later'
service, Maiya, in China.
Key Topics Covered:
-- Payment Instruments
-- Card based Payments
-- Merchant Acquiring
-- Ecommerce Payments
-- Buy Now Pay Later
-- Mobile Payments
-- P2P Payments
-- Bill Payments
-- Alternative Payments
-- Job Analysis
-- Payment Innovations
-- Payment Infrastructure & Regulation
Companies Mentioned
-- China Construction Bank
-- Agricultural Bank of China
-- Postal Savings Bank of China
-- Industrial & Commercial Bank of China
-- Bank of China
-- Bank of Communications
-- China Merchants Bank
-- China Guangfa Bank
-- Agricultural Bank of China
-- China Everbright Bank
-- Visa
-- Mastercard
-- American Express
-- Diners Club
-- China UnionPay
-- JCB
For more information about this report visit https://www.researchandmarkets.com/r/nm6sqx
About ResearchAndMarkets.com
ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
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SOURCE Research and Markets
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