China Cards and Payments – Opportunities and Risks to 2025

The China cards and payments market size was $21.3 trillion in 2021. The market is projected to achieve a CAGR of more than 13% during the forecast period. China is the world’s largest payment card market in terms of transaction value. The country’s central bank People’s Bank of China (PBOC) and card issuers have launched initiatives such as providing insurance on deposits, enforcing a cap on merchant service fees, and making efforts to change consumer payment habits. As a result, payment cards are gradually becoming more accepted throughout the country. Meanwhile, mobile payments have gained widespread adoption. Innovative features such as QR code payments, facial recognition, and NFC payments are being integrated with mobile payments to enhance customer convenience, posing a challenge to the overall payment card market.

The China cards and payments report provides a detailed analysis of market trends in the Chinese cards and payments industry. It provides values and volumes for several key performance indicators in the industry, including mobile wallets, cards, cash, credit transfers, direct debits, and cheques during the review period. The report also analyzes various payment card markets operating in the industry and provides detailed information on the number of cards in circulation, transaction values, and volumes during the review period and over the forecast period. It also offers information on the country’s competitive landscape, including market shares of issuers and schemes.

For more insights on this report, download a free report sample

China Cards and Payments Market Dynamics

Allowing international schemes to set up a domestic bank card-clearing institution in the country is likely to spur competition in the Chinese payment card market. The government is taking steps to push credit card uptake and usage. Meanwhile, interest rate caps on credit cards were completely removed at the beginning of 2021. The interest rate can be determined by the issuer and cardholder through independent negotiation. Lower borrowing costs will further push competition between traditional lenders and fintech companies and thereby support overall credit card market growth.

Key Payment Instruments in China Cards and Payments Market

The key payment instruments in the Chinese cards and payments market are mobile wallets, cards, cash, credit transfers, direct debits, and cheques. Mobile wallets are widely used for day-to-day transactions as well as for online transactions. The growth of payment cards in China is partly driven by government efforts to promote the benefits of payment cards.

China Cards and Payments Market, by Payment Instruments

For more payment instrument insights, download a free report sample

Key Segments in the China Cards and Payments Market

The key segments in the China cards and payments market are card-based payments, e-commerce payments, in-store payments, buy now pay later, mobile payments, P2P payments, bill payments, and alternative payments.

Key Players in the China Cards and Payments Market

Some of the key players in the China cards and payments market are CCB, ABC, Postal Savings Bank of China, ICBC, BOC, CMB, Bank of Communications, China Everbright Bank, Shanghai Pudong Development Bank, and China Minsheng Bank.

China Cards and Payments Market Report Overview

Scope

This report provides:

• Current and forecast values for each market in the Chinese cards and payments industry, including debit, credit, and charge cards.
• Detailed insights into payment instruments including mobile wallets, cards, cash, credit transfers, direct debits, and cheques. It also includes an overview of the country’s key alternative payment instruments.
• E-commerce market analysis.
• Analysis of various market drivers and regulations governing the Chinese cards and payments industry.
• Detailed analysis of strategies adopted by banks and other institutions to market debit, credit, and charge cards.
• Comprehensive analysis of consumer attitudes and buying preferences for cards.
• The competitive landscape of the Chinese cards and payments industry.

Reasons to Buy

• Make strategic business decisions, using top-level historic and forecast market data, related to the Chinese cards and payments industry and each market within it.
• Understand the key market trends and growth opportunities in the Chinese cards and payments industry.
• Assess the competitive dynamics in the Chinese cards and payments industry.
• Gain insights into marketing strategies used for various card types in China.
• Gain insights into key regulations governing the Chinese cards and payments industry.