Regulatory Amendments Expected to Accelerate Cards and Payments Industry in Hong Kong: Ken Research

With the advent of alternative payment instruments in Hong Kong, consumers are more likely to opt for the services such as Digital Wallet.

To benefit from the increasing cross-border trade between Hong Kong and mainland China, and fast-growing Chinese population working and studying in Hong Kong, banks are issuing multiple-currency payment cards.

Ken Research announced the latest publication on “The Cards and Payments Industry in Hong Kong: Emerging Trends and Opportunities to 2019” provides a detailed overview of payments market and payment instruments performance. Report discusses E-commerce environment to suggest further opportunities in the card payment industry. In terms of segmentation cards have been divided into two parts- consumer cards and commercial cards and further sub segmentation has also been discussed. Alternative payment instruments such as Octopus, Yuupay, PayPal and MasterPass have also been assessed in the report. Industry has been driven by major factors which are highlighted in the report along with regulatory environment.

Hong Kong has faced many challenges in the past including misalignment in asset market to political and economy pressure. Despite of these challenges a majority of the population could manage their plastic cards. After overcoming from crisis payments market started producing positive results in terms of demand for credit cards and inbound and outbound payment market.

Credit cards account for a largest share in the plastic card market in Hong Kong in terms of transaction value and volume. It has been observed that people in the country prefer card payment over cash and almost 60% of the population has a payment card. In recent years premium credit cards are more on demand in the country driven by high income population group. Following the trend, there is also demand for multiple currency cards for consumers crossing the boundaries for cross border trade, which is beneficial for the country’s economy growth. according to the Market Research Analyst, Ken Research.

The report cover all major aspects related to payments and cards including recent developments in the country, regulatory framework which define the scope for payments sector, infrastructure developments which help to assess the economy growth and further chances of investments and many more. The report can be useful for government, investors (Domestic and Foreign) and players operating in the financial sector to formulate future strategies.

The report also analyzes various payment cards market 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 (2015-2019). It also offers information on the countrys competitive landscape, including market shares of issuers and schemes.

The report brings together Timetrics research, modeling, and analysis expertise to allow banks and card issuers to identify segment dynamics and competitive advantages. The report also covers detailed regulatory policies, recent changes in regulatory structure and profiles of card issuers operating in the country according to the Market Research Analyst, Ken Research.