Payments Landscape in Hong Kong: Opportunities and Risks to 2021 – Research and Markets

05-Oct-2017 Intellasia | BusinessWire | 7:08 PM Print This Post

DUBLIN–(BUSINESS WIRE)–The “Payments
Landscape in Hong Kong: Opportunities and Risks to 2021″
report
has been added to Research and Markets’ offering.

“Payments Landscape in Hong Kong: Opportunities and Risks to 2021″,
report provides detailed analysis of market trends in Hong Kong cards
and payments industry. It provides values and volumes for a number of
key performance indicators in the industry, including credit transfers,
direct debit, cash, payment cards, and cheques during the review-period
(2013-17e).

The report also analyzes various payment card markets operating in the
industry, and provides detailed information on the number of cards in
circulation, transaction values and volumes during the review-period and
over the forecast-period (2017-21f). It also offers information on the
country’s competitive landscape, including the market shares of issuers
and schemes.

Scope

  • With rising non-cash payments in the country, the need for a real-time
    payment processing system has intensified. In line with this the Hong
    Kong Monetary Authority (HKMA) is working with Hong Kong Interbank
    Clearing to launch the Faster Payment System in 2018. Currently, the
    Hong Kong Dollar Clearing House Automated Transfer System, the
    country’s real-time gross settlement system, is accountable for
    settling high-value interbank transactions, while low-value
    transactions are processed through electronic clearing.
  • Alternative payments are gaining traction in the country. In June 2017
    UnionPay launched its HCE- and tokenization-based m-payment service
    QuickPass, enabling users to pay using their UnionPay QuickPass chip
    card or mobile QuickPass-enabled smartphones and wearable devices at
    contactless POS terminals. Similarly, in May 2017 Samsung Pay was
    introduced in Hong Kong, allowing users to make purchases at
    participating stores with Samsung devices across all forms of
    terminals, including magnetic stripe, EMV, and NFC. Likewise, to offer
    convenient wallet top-up options, in June 2017 HKT Payments announced
    that Bank of China customers who use the Tap & Go wallet can instantly
    add funds through the Instant Bank Transfer’ option in the top-up
    menu. Further, Tap & Go consumers can recharge the wallet by using
    local coins at HEYCOINS kiosks.
  • Leading scheme providers such as Visa and Mastercard have also
    introduced payment solutions in Hong Kong. Mastercard launched the
    Masterpass digital wallet in July 2015, enabling customers to make
    online payments with a registered payment card using a mobile phone,
    without disclosing card details for every purchase. Similarly, Visa
    launched the Visa Checkout online payment service in December 2015,
    allowing users to pay for online purchases by smartphone. It stores
    users’ payment and shipping details and uses a username and password
    for authentication, streamlining the ordering process.

Key Topics Covered:

  1. Market Overview
  2. Card-based Payments
  3. E-commerce Payments
  4. Alternative Payments
  5. Payments Infrastructure & Regulation
  6. Appendix

Companies Mentioned

  • HSBC
  • Standard Chartered
  • Bank of China (Hong Kong)
  • Citibank
  • DBS
  • BEA
  • EPS
  • CUP
  • Visa
  • Mastercard
  • American Express
  • Diners Club

For more information about this report visit https://www.researchandmarkets.com/research/ddpjvw/payments

Contacts

Research and Markets
Laura Wood, Senior Manager
press@researchandmarkets.com
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Fax (outside U.S.): +353-1-481-1716
Related
Topics: Bank
Cards

 


Category: BusinessWire, PRAsia

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