Hong Kong Cards and Payments - Opportunities and Risks to 2024

Hong Kong Cards and Payments - Opportunities and Risks to 2024

  • February 2021 •
  • 90 pages •
  • Report ID: 5866083 •
  • Format: PDF
Hong Kong Cards and Payments - Opportunities and Risks to 2024

Summary
’Hong Kong Cards and Payments - Opportunities and Risks to 2024’ 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, cards, credit transfers, direct debits, and cheques during the review-period (2016-20e).

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 (2020e-24f). It also offers information on the country’s competitive landscape, including the market shares of issuers and schemes.

The report brings together 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.

This report provides top-level market analysis, information and insights into Hong Kong’s cards and payments industry, including -
- Current and forecast values for each market in the Hong Kong cards and payments industry, including debit, credit and charge cards.
- Detailed insights into payment instruments including cash, cards, 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 Hong Kong cards and payments industry.
- Detailed analysis of strategies adopted by banks and other institutions to market debit, credit and charge cards.

Scope
- To help SMEs and startups expand their businesses, in April 2019 the HKMA and banking participants introduced a new tier of bank accounts called Simple Bank Accounts exclusively for corporate customers. Unlike traditional accounts, which offer a full list of services, Simple Bank Accounts offer only basic banking services such as deposits, withdrawals, and local and cross-border fund transfers. In addition, the opening of these accounts involves comparatively less due diligence and supporting documents from applicants. This provides more alternatives in terms of bank account opening to businesses that do not require the full range of banking services generally offered by traditional bank accounts, or else cannot readily provide certain documents required for traditional bank accounts.
- To capitalize on the growing adoption of contactless payments, in May 2020 Hong Kong-based public transportation provider Long Win Bus Company enabled consumers to use contactless Mastercard, Visa, and China UnionPay credit cards to pay for bus fares. Besides contactless payments cards, customers can also use digital wallets such as Alipay and UnionPay to scan the QR code present on bus e-payment terminals to make payments.
- In July 2020, Hong Kong-based virtual bank WeLab Bank collaborated with Mastercard to launch a new line of debit cards that do not have card numbers, expiry dates, or CVVs displayed on them in order to prevent theft of card information and ensure increased security of card payments. The card only has the card holder’s name and a multi-function chip embedded on its surface. The card can be obtained after opening an account with the virtual bank. A virtual debit card is available within the bank’s app, with a physical card delivered later.

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