The Cards and Payments Industry in Hong Kong: Emerging Trends and Opportunities to 2020 - Alternative payments are gaining traction

NEW YORK, Nov. 22, 2016 /PRNewswire/ --

Synopsis
Timetric's 'The Cards and Payments Industry in Hong Kong: Emerging Trends and Opportunities to 2020' report provides detailed analysis of market trends in the Hong Kong cards and payments industry. It provides values and volumes for a number of key performance indicators in the industry, including cash, check payments, payment cards, direct debits and credit transfers during the review period (2011–2015).

The report also analyzes various payment card markets operating in the industry, and provides detailed information on the number of cards in circulation, and transaction values and volumes during the review period and over the forecast period (2016–2020). It also offers information on the country's competitive landscape, including the market shares of issuers and schemes.

The report brings together Timetric's research, modeling, and analysis expertise to allow banks and card issuers to identify segment dynamics and competitive advantages. The report also covers details of regulatory policy and recent changes in the regulatory structure.

Summary
Timetric's 'The Cards and Payments Industry in Hong Kong: Emerging Trends and Opportunities to 2020' report provides top-level market analysis, information and insights into the Hong Kong cards and payments industry, including:

- Current and forecast values for each market in the Hong Kong cards and payments industry, including debit and pay later cards.

- Detailed insights into payment instruments including cash, credit transfers, direct debits, checks and payment cards. It also includes an overview of the country's key alternative payment instruments.

- E-commerce market analysis and payment types.

- Analysis of various market drivers and regulations governing the Hong Kong cards and payments industry.

- Detailed analysis of strategies adopted by banks and other institutions to market debit and pay later cards.

- Comprehensive analysis of consumer attitudes and buying preferences for cards.

- The competitive landscape in the Hong Kong cards and payments industry.

Scope
- This report provides a comprehensive analysis of the Hong Kong cards and payments industry.

- It provides current values for the Hong Kong cards and payments industry for 2015, and forecast figures to 2020.

- It details the different demographic, economic, infrastructural and business drivers affecting the Hong Kong cards and payments industry.

- It outlines the current regulatory framework in the industry.

- It details marketing strategies used by various banks and other institutions.

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.

Key Highlights
- Banks are offering multiple currency payments cards to capitalize on the increasing cross-border trade between Hong Kong and mainland China, and the fast-growing Chinese population working and studying in Hong Kong. For instance, the Industrial and Commercial Bank of China (ICBC) launched the ICBC UnionPay Dual Currency Platinum Card in July 2015 in collaboration with UnionPay. The card comes with Union Pay's Quick Pass service, enabling cardholders to make payments by tapping the card at 5 million Quick Pass terminals worldwide. While Hong Kong-based and overseas expenses are settled in the local currency, expenses in mainland China are settled in yuan. Similarly, Banco Nacional Ultramarino partnered with UnionPay to introduce a triple currency credit card in August 2015, which can be used in Hong Kong, mainland China and Macau.

- Alternative payments are gaining traction among Hong Kong consumers, with the availability of instruments such as Octopus, YuuPay, PayPal, Alipay and Tenpay. Introduced in July 2016, Apple Pay can be used by holders of Visa, MasterCard and American Express cards issued by HSBC, Bank of China, Hang Seng, DBS Bank and Standard Chartered. It allows users to make purchases at participating stores with Apple devices including the iPhone 6, iPhone 6 Plus, iPhone 6s, iPhone 6s Plus, Apple Watch, iPad mini 4, iPad Air 2 and both iPad Pro models. Apple Pay payments are accepted by around 10,000 merchants in Hong Kong, and more than 10 million in nine countries worldwide.

- Leading scheme providers such as Visa and MasterCard have also introduced payment solutions in Hong Kong. MasterCard launched the Master Pass digital wallet in July 2015, enabling customers to make online payments with a registered payment card using a mobile phone, without disclosing card details with every purchase. Consumers can set up a Master Pass account by visiting MasterCard's website, and signing up with a participating bank such as Bank of East Asia, China Construction Bank, Dah Sing Bank and DBS Bank. Visa launched the Visa Checkout online payment service in December 2015, allowing users to pay for online purchases by smartphone.
Read the full report: http://www.reportlinker.com/p03688718-summary/view-report.html

About Reportlinker
ReportLinker is an award-winning market research solution. Reportlinker finds and organizes the latest industry data so you get all the market research you need - instantly, in one place.

http://www.reportlinker.com


__________________________
Contact Clare: clare@reportlinker.com
US: (339)-368-6001
Intl: +1 339-368-6001

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/the-cards-and-payments-industry-in-hong-kong-emerging-trends-and-opportunities-to-2020---alternative-payments-are-gaining-traction-300367760.html

SOURCE Reportlinker