The Cards and Payments Industry in Hong Kong: Emerging Trends and Opportunities to 2020
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Hong Kong is a global financial hub, with few regulatory barriers for foreign banks and card payment participants. It has close ties with mainland China for smooth cross-border trade. The growing payment card market and favorable regulations encourage banks from mainland China and other overseas markets to expand into Hong Kong; Bank of China, Citibank and Standard Chartered have a strong presence in Hong Kong’s cards and payments industry.
Hong Kong’s payment card market is highly developed, with card penetration of 3.4 cards per individual. The average annual spend per card stood at US$4,339.7 in 2015 – higher than New Zealand, Singapore, South Korea, Taiwan and Japan.
Banking penetration is very high in Hong Kong, recording 96.1%. To increase this, the HKMA named HSBC, Standard Chartered and Bank of China as major financial service providers in November 2015. The banks are responsible for the release of financial products and services in phases to consumers in remote areas, senior citizens and unbanked consumers. High banking penetration resulted in an increase in the total number of bank accounts, and products such as consumer loans and payment cards.
Scope
• Hong Kong's cards and payments industry's competitive landscape
• Actual values for the Hong Kong cards and payments industry and forecast figures to 2020
• Key dynamics in all main segments of the market, including check payments, credit transfers, direct debits, payment cards and cash transactions
• An overview of the key alternative payment instruments in Hong Kong
• E-commerce market analysis and detail of online payment types
• Analysis of the key economic, infrastructural and business drivers affecting the Hong Kong cards and payments industry
• Profiles of the main competitors in the Hong Kong cards and payments industry
• Overview of strategies adopted by banks and other institutions to market debit, credit and charge cards
Key Highlights
What are banks doing to capitalize on the increasing cross-border trade between Hong Kong and mainland China? What are the other main factors driving these new product initiatives?
Which alternative payment instruments are gaining traction among Hong Kong consumers? What are the key features of these?
Which two leading scheme providers have also introduced payment solutions into Hong Kong? What are the key differences between the two competing systems?
Reasons to Buy
• Make strategic business decisions, using top-level historic and forecast market data, related to the Hong Kong cards and payments industry and each market within it.
• Understand the key market trends and growth opportunities in the Hong Kong cards and payments industry.
• Assess the competitive dynamics in the Hong Kong cards and payments industry.
• Gain insights into marketing strategies used for various card types in Hong Kong.
• Gain insights into key regulations governing the Hong Kong cards and payments industry.
HSBC
Standard Chartered
Bank of China
Bank of East Asia
DBS Bank
Citibank
Aeon Credit Service
MasterCard
Visa
American Express
Diners Club
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