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Emerging Opportunities in Hong Kong's Cards and Payments Industry: Market Size, Trends and Drivers, Strategies, Products and Competitive Landscape  Join our daily free Newsletter

MENAFN Press - 18/12/2012

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(MENAFN Press) Within the Asia-Pacific region, Hong Kong is an important banking and financial centre.

Hong Kong's cards and payments industry recorded a nominal growth during the review period (2008’2012) and grew at a CAGR of 5.85% during the review period. It is expected register a CAGR of 2.76% over forecast period (2013’2017).

The debit and credit card categories are anticipated to post nominal growth over the forecast period.

The debit card category is expected to post a CAGR of 1.67% while the credit card category is expected to grow at a CAGR of 2.55%.

The prepaid and charge card categories are anticipated to be the key industry drivers.

The charge card category is expected to grow at a CAGR of 4.30% and the prepaid card category is projected to grow at a CAGR of 3.07% over the forecast period.

Online shopping in Hong Kong is rapidly growing in popularity due to improvements in telecommunication infrastructure and payment and security systems.

The nation's increasing internet penetration rate is a key driver of online retail sales.

Key highlights of this title

·The prepaid and charge card categories are anticipated to be the key industry drivers.

The charge card category is expected to grow at a CAGR of 4.30% and the prepaid card category is projected to grow at a CAGR of 3.07% over the forecast period.

·In 2011, electronic payment provider PayPal processed more than 8,000 mobile payments daily in Hong Kong.

Hong Kong registered as the second-highest user of the coupons and this behavior is driven by the price consciousness of Hong Kong shoppers.

·The 2012’2013 budget, released in February 2012, proposed a one off reduction of 75% for salaries tax and tax under personal assessment assessed for 2011’2012, subject to a ceiling of HKD12,000.

This reduction would be reflected in the final tax payable for 2011’2012.

·Payment systems in Hong Kong are dominated by cash-based transactions.

However, due to improved security measures in alternative payment platforms the market share of cash-based transactions decreased from 62.6% in 2008 to 59.7% in 2012.

The value of card-based transactions grew at a CAGR of 11.41% during the review period to gain a market share of 26.2% in 2012.

·In 2011, 42 million people visited Hong Kong, an increase of 16.4% over 2010. Mainland China, accounted for the most inbound tourists with 28.1 million arrivals, or 67%, of the total arrivals.

Total expenditure valued HKD263 billion, an increase of 24% over 2010.

·The low costs associated with prepaid and debit cards encouraged a large proportion of the population to apply for these products.

The initial cost of acquiring a prepaid card is affordable for most of the population.

For example, the Octopus card can be acquired for an initial amount of HKD50.

Scope

·This report provides a comprehensive analysis of Hong Kong's cards and payments industry.

·It provides current value for Hong Kong's cards and payments industry for the year 2012 and forecast figure for the year 2017.

·It provides current value for Hong Kong's cards and payments industry for the year 2012 and forecast figure for the year 2017.

·It provides current value for Hong Kong's cards and payments industry for the year 2012 and forecast figure for the year 2017.

·It provides current value for Hong Kong's cards and payments industry for the year 2012 and forecast figure for the year 2017.

·It profiles the major banks in Hong Kong's cards and payments industry.

Reasons to Purchase

·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 within Hong Kong's cards and payments industry.

·Assess the competitive dynamics in Hong Kong's cards and payments industry.

·Gain insights in to the marketing strategies used for selling various types of cards in Hong Kong's market.

·Gain insights into key regulations governing Hong Kong's cards and payment industry.

If you are interested in purchasing this research, please click on the following link:

http://www.menafn.com/research/research_rp_details.asp?rp_id=5910


About Emerging Opportunities in Hong Kong’s Cards and Payments Industry
Emerging Opportunities in Hong Kong's Cards and Payments IndustryIf you are interested in purchasing this research, please click on the following link:http://www.menafn.com/research/research_rp_details.asp?rp_id=5910

 






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