China Credit Card Market to Witness Splendid Growth
With the growing middle class income, government support and low penetration level, the Chinese credit card market is expected to grow at a CAGR of 26% during 2010-2013.
- (1888PressRelease) August 18, 2010 - According to our research report "China Credit Card Market Outlook to 2013", the credit card market in China has reported remarkable growth over the past few years although it has grown from small base. The number of credit cards is expected to expand at a double-digit growth rate over the next few years, once the economic environment will become more business friendly that will improve consumer confidence. With the rapidly growing income of middle class, government support and low penetration, the credit card market is expected to grow at a CAGR of around 26% during FY2010 - FY2013.
The Chinese credit card market is presently dominated by the state owned banks such as Industrial and Commercial Bank of China, China Merchant Bank and China Construction Bank but the present structure will see involvement of foreign bank in credit card issuance. Thus, it is likely that foreign bank will play an important role in intensifying the competition over the forecast period.
Apart from this industry trends, the report has found that customers are shifting towards e shopping. With the growing number of Internet users in the country, the e-commerce market, including both online shopping and online payment, has seen robust growth over the past few years. Additionally, the credit card market is looking at EMV (Europay, MasterCard and Visa card) based solution as they offer fraud reduction while managing more number of financial transactions.
"China Credit Card Market Outlook to 2013" also covers the performance of credit card market and future outlook of the industry. It provides overview of the number of ATM, POS and outstanding credit line. Besides, the competitive landscape is provided to enable client to understand market structure and growth prospects in coming years. Due consideration is given to the recessionary effect on the industry while making the report.
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