Payments Market Overview in China 2017: What Consumers Want

China is the worlds largest payment card market in terms of transaction value, accounting for $13.3tn in 2017. This is followed by the US ($6.9tn), the UK ($1.1tn), Germany ($715bn), and France ($709bn). Cash, however, remains a popular payment instrument among Chinese consumers, especially in rural areas, accounting for 63% of the total payment transaction volume in 2017. One of the primary reasons for the dominance of cash is a consumer preference to keep track of their day-to-day spending. The government and banks have begun to provide basic financial access to the unbanked population by expanding banking infrastructure, launching new branches, and making efforts to change consumer payment habits. As a result, payment cards are gradually becoming more accepted, with their use consequently growing during the review period (2013-17e).

A rise in the economically active population and per capita disposable income, the growing popularity of online shopping, and the increased acceptance of cards at retail outlets have supported the growth of payment cards. The emergence of digital-only banks is likely to further accelerate a shift towards electronic payments in China.

It provides in-depth analysis of 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 China are deploying these tools to meet customer needs.
– Explores the online payment market in China by merchant type and payment tool, as well as providing a five-year forecast for the development of the market.

Browse Full Report with TOC- https://www.marketresearchhub.com/report/payments-in-china-2017-what-consumers-want-report.html

Scope

– Following a World Trade Organization ruling, the Chinese government opened up its payment card market to foreign companies. Consequently, they are permitted to set up their own processing centers from June 1, 2015. In June 2016, however, the central bank laid down new rules enabling foreign competitors to begin operations in the market.
– According to the National Development and Reform Commission and the central bank, merchant service charges for debit cards are capped at 0.35% and at 0.45% for credit cards.
– In June 2015, the Chinese government permitted 100% foreign ownership of e-commerce companies, which were previously accessible only to companies within free trade zones.

Reasons to buy

– Understand the key facts and figures in the consumer payments market in China.
– 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 the Chinese market and use this knowledge to inform product design.