Market Data Forecast’s "China Cards And Payments Market" report offers a distinct range of possibilities in the market of payment cards along with the accurately validated statistics of operational cards in the market and their total transactional values. It suggests profitable marketing strategies considering the competitive landscape in the market, purchase trends, payment options in online trade and significant government frameworks impacting the overall payment card market of China.
Our report kindles the hidden opportunities with dependable information about different types of cash transactions, volumes of cardholders, market proportion, current accounts, increase within the number of cards, credit cards outstanding balances, transactional values, details of the issuers at the side of available banking schemes and futuristic analysis of overall cards and payment marketplace in China.
Key Statistics offered in our report:
China Cards and Payments Market – Recent Developments
People's Bank of China, the central bank of China has introduced an online payment clearing system that involves all the banks and third-party payment services across the country in August 2017. This platform includes a deal with 44 companies China, which brings leading giants like Alibaba Group Holdings’ affiliate Ant Financial, Tencent Holdings, and China UnionPay’s affiliate. By June 30, 2018, all the banks and digital payments like Alipay, Tenpay, etc., has to complete their integration with the new platform, as per the central bank. This integration will help to restrict money fraud, laundering and other illegal activities, providing a tracking authority on banks and online payment providers to the government of China.
The opening of credit card clearing services to foreign companies by the central bank in June 2018 has attracted many overseas organizations to open their markets in China. These foreign companies have to strictly follow the security standards and rules of the central bank and China Banking Regulatory Commission, having their base in the country. This initiative helps international companies like Visa and Mastercard to compete with dominating CUP services.
In April 2016, the central bank has eased the lending rates on the credit cards, according to which the banks can provide up to 30% discounts on the total lending rate, promoting the local credit card use in the country. The central bank has also removed the combined rules on the interest-free periods and minimum monthly payments of the banks to provide them with the liberty to write their own policies. Before this change, the interest-free period was used to be 60 days with the standard lending rate at 0.05% per day, whereas 10% of monthly bills go to the minimum monthly repayments. It also provides the leverage to banks to set their own charges for delay in the card payments
China Cards and Payments Market – Key Highlights of the Report:
The nationwide centralization of online payment clearing platform by China's central bank, the people's Bank of China by signing an agreement with 44 companies that include Alibaba Group Holdings’ affiliate, Ant Financial, Tencent Holdings, and China UnionPay’s affiliate to get the hold of banks and third-party online transactions.
Banks and online payment systems such as Alipay and Tenpay need to connect to the new platform and route transactions through it as of June 30, 2018, as per the mandate of Central Bank. This will help to curb money laundering and other illicit transactions with effective control and monitoring of the Chinese government.
The opening of the credit card clearing market to foreign companies with rules issued by the central bank and the China Banking Regulatory Commission to those companies to comply with national security and cybersecurity standards and a local base will dethrone CUP's monopoly favoring card providers like Visa and MasterCard.
The modifications in the credit card lending rates by the Central bank to promote credit cards market allows banks to offer up to 30% discount on the lending rate and gain autonomy by eliminating the unified rules on banks' interest-free periods and monthly repayments. The decision to finalize the charges for delay in payments to cardholders will also be given to the banks as per the changes.
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