The debit card category is anticipated to post a forecast-period CAGR of over 1%.
HongKong's Cards and Payments Industry: Emerging Opportunities, Trends, Size,Drivers, Strategies, Products and Competitive Landscape report provides top-level market analysis, information and insights on Hong Kong's cards and payments industry, including current and forecast values for each category of Hong Kong's cards and payments industry, including debit cards, credit cards, charge cards and prepaid card. Also included is a detailed analysis of the marketing strategies adopted for selling debit, credit, charge and prepaid cards used by banks and other institutions in the market.
Why Buy this Report:
- Make strategic business decisions using top-level historic and forecast market data related to Hong Kong's cards and payments industry and each market within it.
- Understand the key market trends and growth opportunities within Hong Kong's cards and payments industry.
- Gain insights in to the marketing strategies used for selling various card types in Hong Kong.
In terms of number of cards in circulation, the Hong Kong card payments channel registered positive growth between 2009 and 2013 recording a compound annual growth rate CAGR of over 5% to reach almost 51 million cards by last year. Improved banking infrastructure and the increasing acceptance of card-based payments at point-of-sale (POS) terminals were key growth drivers for the card payments channel.
Due to the convenience of electronic payments, the emergence of contactless payment systems and an increase in security features, Hong Kong’s population have been encouraged to perform more card-based transactions. Despite the financial crisis, Hong Kong recorded a growth in credit card expenditure, supported by the increased acceptance of these cards at POS terminals and associated benefits associated such as reward points, discounts and cashback. All the major global card scheme providers − Visa, MasterCard, American Express, Diners Club and JCB International (JCB) − have a presence in the country’s credit card category.
As part of offering enhanced security for automatic teller machine (ATM) transactions, in June 2011, the Hong Kong Monetary Authority (HKMA) announced the implementation of chip-based technology for all ATM services. This process is expected to be completed by the end of 2015. This step was taken to ensure and increase the security during card-based transactions. Read more>>
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