WebsiteGear Logo Log In
New User? Sign Up
About | Contact | FAQ
  Home News Website Related Website Revenue Thursday, December 14, 2017 
Add Press Release News | News Feeds Feeds | Email This News Email


Payments in Hong Kong 2017: What Consumers Want?
Thursday, October 12, 2017

LONDON, Oct. 12, 2017 /PRNewswire/ --

Payments in Hong Kong 2017: What Consumers Want?

Summary
Hong Kong is a global financial hub, with few regulatory barriers for foreign banks and card payment participants, thereby encouraging banks from Mainland China and other overseas markets to expand into the Special Administrative Region. Hong Kong represents a mature payment card market in Asia, with 25 Million payment cards in issue and a population of just over 7 Million. Payment cards are the second-most popular payment instrument in Hong Kong, accounting for 22.4% of the payment transaction volume in 2017. Growth in the Hong Kong payment card market is driven by pay-later cards, which accounted for 76.4% of the total payment cards market in terms of transaction volume in 2017.

Download the full report: https://www.reportbuyer.com/product/5142358

Banks offer multi-currency payment cards to capitalize on the increasing cross-border trade between Hong Kong and Mainland China, and the fast-growing Chinese population working and studying in Hong Kong. The cards can be used to conduct transactions in local and Chinese currencies. Expenses in Hong Kong and overseas are settled in the local currency, while those made in Mainland China are settled in yuan.

Hong Kong represents a HK$112.2bn e-commerce market. High internet and smartphone penetration have positioned the country to see strong growth in e-commerce. Credit cards are the number one payment tool for e-commerce, with 43% of consumers highlighting its convenience. Cash and cheque payments still form a sizable part of this market (11%).

Octopus - which is among the world's first contactless cards - is one of the most-used smart cards in Hong Kong. As of December 2016, 32.8 Million Octopus cards were in circulation in Hong Kong - around four times its population. The Octopus Card, which was initially launched for public transport, is now widely accepted at convenience stores, restaurants, and supermarkets in Hong Kong.

The report "Payments in Hong Kong 2017: What Consumers Want?", examines the consumer payments market in Hong Kong, considering payment cards, online payments, P2P payments, and newer payment technologies such as mobile wallets and contactless.

Specifically, this report allows the following -
- Analyzes consumer attitudes to financial services by lifestage.
- Analyzes the major payment card types in terms of both card holding and usage.
- Identifies the major competitors in card issuing and how their position in the market has changed over the last five years.
- Considers consumer attitudes towards P2P tools, mobile payment tools, and contactless cards, and how companies in Hong Kong are deploying these tools to meet customer needs.
- Explores the online payment market in Hong Kong by merchant type and payment tool, as well as providing a five-year forecast for the development of the market.

Companies mentioned in this report: Visa, Mastercard, American Express, Diners Club, CUP, EPS, DBS, HSBC, BEA, Citibank, Standard Chartered, Bank of China (Hong Kong)

Scope
- While cash remains an important traditional payment tool in Hong Kong, cards will be used more frequently as the move to non-cash payments accelerates. Growth in Hong Kong payment card market is anticipated to be driven by pay-later card, which accounted for 76.4% of the total payment cards market in terms of transaction volume in 2017.
- The e-commerce market recorded a significant growth, which is driven by an increase in mobile internet penetration as well as the emerging young and urban population, and rising consumer preference for online shopping.
- Hong Kong payment card market embraced several mobile proximity payment solutions including QuickPass and Samsung Pay in 2017.

Reasons to buy
- Understand the key facts and figures in the consumer payments market in Hong Kong.
- Learn what trends drive consumer behavior at the macro level and plan your strategy accordingly.
- Find out what products the major competitors are launching in the market.
- Discover consumer sentiments towards various payment tools in Hong Kong market and use this knowledge to inform product design.

Download the full report: https://www.reportbuyer.com/product/5142358

About Reportbuyer
Reportbuyer is a leading industry intelligence solution that provides all market research reports from top publishers
https://www.reportbuyer.com

For more information:
Sarah Smith
Research Advisor at Reportbuyer.com
Email: query@reportbuyer.com
Tel: +44 208 816 85 48
Website: www.reportbuyer.com

View original content:http://www.prnewswire.com/news-releases/payments-in-hong-kong-2017-what-consumers-want-300535994.html

SOURCE ReportBuyer



Email This News Email | Submit To Slashdot Slashdot | Submit To Digg.com Digg | Submit To del.icio.us Del.icio.us | News Feeds Feeds

RELATED NEWS ARTICLES
Nav Talk Fusion Introduces New Product Interface for Award-Winning Video Suite | Dec 14, 2017
Nav Chinese wuxia novel to go West | Dec 14, 2017
Nav Receive Personality Insight and Exclusive Discounts Through PeopleKeys' "Snapshot" Phone App | Dec 14, 2017
Nav Sarah Jessica Parker selects Ayobami Adebayo's 'Stay with Me' for ALA Book Club Central pick | Dec 13, 2017
Nav Robert Rotondo Joins Vivid Seats as VP of Contact Center Operations | Dec 13, 2017
Nav Study: 87% of Retailers Agree Omnichannel is Critical to their Business, Yet Only 8% Have 'Mastered' it | Dec 13, 2017
Nav 'Tis the Season to Celebrate With Travelzoo and Disney on Facebook Live | Dec 13, 2017
Nav Kochava Launches OnXCHNG Partnership Program For First Blockchain-Based Digital Advertising Platform | Dec 13, 2017
Nav Digital Trends Unveils Holiday Gift Guide | Dec 12, 2017
Nav Encyclopaedia Britannica Group Appoints Karthik Krishnan as Global Chief Executive Officer | Dec 12, 2017
NEWS SEARCH

FEATURED NEWS | POPULAR NEWS
Submit News | View More News View More News