Market Data Forecast’s "Hong Kong 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 Hong Kong.
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 Hong Kong.
Hong Kong Cards and Payments Market – Key Insights of the Report:
Hong Kong Monetary Authority (HKMA) collaborated with Hong Kong Interbank Clearing for the development of a Faster Payment System in the country to meet the growing demand for cashless transactions. As of now, electronic clearing handles low-value transactions and Hong Kong Dollar Clearing House Automated Transfer System deals with the settlement of high-value banks to bank transactions.
The gaining traction of alternative payments in the country like QuickPass, HCE and token-based mobile payment solution launched by UnionPay that enables users to pay for the transactions at contactless POS terminals, and Samsung Pay, which is accepted at different merchant stores, and Bank of China Tap & Go wallet, where customers can add funds on the spot with the Instant Bank Transfer option, apart from the recharge using local coins at HEYCOINS kiosks.
The advent of payment solutions by leading scheme providers such as MasterPass digital wallet by MasterCard, used for mobile payments without disclosing any user card details, and VisaCheckout online payments by Visa, using an authentication process over smartphone storing customer's payment and shipping information.
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