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Banking

Card payments in China to grow by 3.6% in 2023, forecasts GlobalData

The Chinese market for card payments, which has been among the fastest-growing globally, experienced an adverse impact from the COVID-19 pandemic. However, with the government’s recent announcement regarding the termination of the “zero-COVID policy” and the relaxation of restrictions, the market is anticipated to witness a 3.6% growth rate in 2023, forecasts GlobalData, a leading […]
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Alternative payments account for over quarter of e-commerce payments in Taiwan, reveals GlobalData

While cards remain the most preferred payment tool for e-commerce purchases in Taiwan, alternative payment solutions are increasingly being used for online purchases, accounting for a share of 28.8% share in total e-commerce transaction value in 2022, finds GlobalData’s 2022 Financial Services Consumer Survey*. GlobalData’s E-Commerce Analytics reveal that the Taiwanese e-commerce market grew by […]
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Credit Suisse rescue sees global private banking space become worryingly concentrated with 6.2% of global market share in one bank, says GlobalData

Following the news that UBS has agreed to buy crisis hit Credit Suisse; Andrew Haslip, Head of Wealth Management at GlobalData, offers his view: “While the deal is troubling for several reasons, in terms of the private wealth management space it creates a superpower that could dominate the industry. The combination of Switzerland’s two leading […]
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India card payments market to grow by 23.6% in 2023, forecasts GlobalData

India’s card payments market is set to grow by 23.6% to reach INR26.9 trillion ($361.6 billion) in 2023, driven by rising consumer spending, says GlobalData, a leading data and analytics company. GlobalData’s Payment Cards Analytics reveals that card payments value in India registered a strong growth of 26.7% in 2022, supported by improving economic conditions. […]
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Singapore’s PayNow linkage to help position India’s UPI as global payment brand, reveals GlobalData

India has registered a significant acceleration in the digital payments space in the last few years, with Unified Payments Interface (UPI), the country’s instant payment scheme, alone registering a 75.9% growth in 2022 to reach INR126 trillion ($1.5 trillion). Against this backdrop, UPI’s integration with Singapore’s instant payment scheme – PayNow will further expand its […]
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Payment cards account for over half of e-commerce payments in Philippines, reveals GlobalData

Cards remain the most preferred payment tool for e-commerce purchases in the Philippines, accounting for over half of online purchases in 2022, finds GlobalData’s 2022 Financial Services Consumer Survey*. GlobalData’s E-Commerce Analytics reveal that the Philippines e-commerce market grew by an estimated rate of 31.3% in 2022 to reach PHP500.9 billion ($9.8 billion), as increasing […]
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Card payments in India to grow at a strong 18.7% CAGR between 2022 and 2026, forecasts GlobalData

India’s card payments market is set to grow at a compound annual growth rate (CAGR) of 18.7% between 2022 and 2026 to reach INR43.3 trillion ($581.2 billion) in 2026, driven by consumers’ increasing preference for electronic payments, improvement in payment infrastructure, and constant efforts by financial authorities to boost cashless payments, forecasts GlobalData, a leading […]
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