With the third party digital payments sector just reaching an impressive value of RMB 100 trillion, one could be forgiven for thinking that the card payment industry is facing possible extinction. There is no disputing the fact that these new and innovative non-banking entrants have significantly disrupted the sector, however, despite this, payment cards have surprisingly continued to grow at a rate of around 10-20%.
This report analyses the methods through which payment cards have continued to grow and how they can maintain this growth in a highly competitive market, driven by innovation. In order to achieve this, the analysis has taken into account consumer payment habits as well as the current risks and regulation attached to the card payment industry.
In addition to this, the success of digital payments has been addressed and how the card market reacted and adapted to this new threat. The report goes on to discuss the future of the Chinese card market, how it can incorporate new technology into its business model and the potential of new foreign entrants into the market.