With continuous rise in young population, technological developments, and emerging trend of e-commerce, Chinese credit card market, which includes both credit cards and debit cards, has been rapidly growing for the past few years. The cards are being increasingly used in numerous shopping malls and various online portals that carry luxury or world-class brands of consumer goods. This huge demand for bank cards is providing tremendous growth opportunities for card issuers, suppliers, and manufacturers.
The total number of credit cards issued in the country is expected to expand at a double- digit rate during the next few years, once the economic environment becomes more business friendly, which will further improve consumer confidence. Our report anticipates that, the Chinese credit card market will witness a CAGR of around 31% during 2011-2014 on the back of several factors, such as rapidly growing middle class population, the government support, and low penetration of credit cards.
Although the market mainly includes the state-owned banks, such as Industrial and Commercial Bank of China, China Construction Bank, and Bank of China, the present structure will witness the involvement of foreign banks in credit card issuance in near future. Thus, it is likely that foreign banks will play a more important role in intensifying the competition during the forecast period.
Besides, the report analyzes factors critical to the success of the Chinese credit card industry. It has also identified key players in the market and included their detail business description. Additionally, the report sheds light on the emerging industry trends, which are expected to decide the future of the Chinese credit card industry.
“China Credit Card Market Outlook to 2013” provides future forecast on the industry based on the correlation of past drivers, challenges, and opportunities for expansion. In this way, the report presents a complete and coherent analysis of the Chinese credit card industry, which will prove influential for clients. Detail data and analysis helps investors, financial service providers, and banks to navigate through the latest trends in Chinese credit card market.