Financial cards and payments in 2024: The big picture
In 2024, the Chinese economy has continued to be characterised by economic slowdown and a deflationary spiral. Many consumers have been holding off on discretionary spending and investment, as they expect the prices of goods and services to fall in the future.
2024 key trends
Debit card remains the dominant card payment method in China, set to account for around 69% of overall card payment transactions in value terms in 2024. The number of debit cards in circulation is also increasing at a solid pace, rising strongly in 2023, and set to rise further in 2024.
Making payments easier for inbound tourists
International tourists visiting China have been able to link their credit cards issued outside of Mainland China with major digital wallets such as Alipay and WeChat pay since 2023, allowing them to seamlessly pay for goods and services across the country, following the removal of the previous requirements for a domestic phone number and Chinese Identity Card. The Chinese government is also stepping up to improve payment convenience for inbound travellers, particularly for those who come from markets with high credit card penetration.
Competitive landscape
China UnionPay remained the largest card operator in China within both debit and credit cards in 2023. Meanwhile, Mastercard International officially entered the payments market in China in May 2024, after receiving approval form the PBOC and National Administration of Financial Regulation (NAFR) to begin domestic bank card clearing activity.
What next for financial cards and payments?
Going forward, financial cards and payments in China is projected to consolidate towards debit cards, as this is the only type of card payment positioned for continued volume and current value growth over the forecast period, thanks to rising disposable incomes and the increasing adoption of cashless payment. Meanwhile, both pre-paid cards and credit cards are set to lose share in the payments landscape, affected by increasing competition from digital wallets such as Alipay and WeChat Pay, which are perceived as more convenient and secure payment methods.
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Overview:
Understand the latest market trends and future growth opportunities for the Financial Cards and Payments industry in China with research from Euromonitor International's team of in-country analysts – experts by industry and geographic specialisation.
Key trends are clearly and succinctly summarised alongside the most current research data available. Understand and assess competitive threats and plan corporate strategy with our qualitative analysis, insight and confident growth projections.
If you're in the Financial Cards and Payments industry in China, our research will help you to make informed, intelligent decisions; to recognise and profit from opportunity, or to offer resilience amidst market uncertainty.
The Financial Cards and Payments in China report includes:
- Analysis of key supply-side and demand trends
- Detailed segmentation of international and local products
- Historic volume and value sizes, company and brand market shares
- Five year forecasts of market trends and market growth
- Robust and transparent research methodology, conducted in-country
This report answers:
- What is the market size of Financial Cards and Payments in China?
- What are the major trends key to understanding Financial Cards and Payments in China?
- How has COVID-19, recession and macroeconomic volatility impacted the market?
- How long will the market take to recover? What are the opportunities now?
- How will political context and shifting cultural values shape future growth?
- Where is future growth expected to be most dynamic?
Financial Cards and Payments in China - Industry Overview
Financial cards and payments in 2024: The big picture
2024 key trends
Making payments easier for inbound tourists
Competitive landscape
What next for financial cards and payments?
DISCLAIMER
Credit Cards in China - Category analysis
KEY DATA FINDINGS
Downturn continues for credit cards in China
Mastercard approved to clear domestic payments in China
Digital wallets enable international tourists to pay with overseas credit cards
Credit cards projected to continue to contract going forward
Digital wallet credit cards set to gain traction
China will embrace more inbound travel card payments
Debit Cards in China - Category analysis
KEY DATA FINDINGS
Debit card payment remains dominant in China
Rural Revitalization debit card is gaining traction
Combining card functions to reduce the number of cards carried
Debit cards in China poised for continued growth
Competitive landscape for debit cards set to remain stable
Debit cards set to see limited product development
Pre-Paid Cards in China - Category analysis
KEY DATA FINDINGS
Pre-paid card sees slight growth, as demand for travel and commuting return
Shanghai introduces pre-paid cards to accommodate inbound travel
Personalisation boosts revenue for players
Demand for pre-paid cards set to contract over the forecast period, especially open loop pre-paid cards
Closed loop pre-paid cards set to perform slightly better
Regulatory environment likely to remain restrictive
The following categories and subcategories are included:
Financial Cards and Payments
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- ATM Cards
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- Commercial Charge Cards
- Personal Charge Cards
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- Commercial Credit Cards
- Personal Credit Cards
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- Commercial Debit Cards
- Personal Debit Cards
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- Closed Loop Pre-Paid Cards
- Open Loop Pre-Paid Cards
- Store Cards
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- ATM Transactions
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- Commercial Charge Card Transactions
- Personal Charge Card Transactions
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- Commercial Credit Card Transactions
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- Average Personal Credit Card Balance
- Average Personal Credit Card Limit
- Personal Credit Card Utilisation
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- Commercial Debit Card Transactions
- Personal Debit Card Transactions
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- Closed Loop Pre-Paid Card Transactions
- Open Loop Pre-Paid Card Transactions
- Store Card Transactions
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- Commercial Card Payment Transactions
- Commercial Electronic Direct/ACH Transactions
- Commercial Paper Payment Transactions
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- Personal Card Payment Transactions
- Personal Electronic Direct/ACH Transactions
- Personal Paper Payment Transactions
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- Commercial Electronic Direct/ACH Transactions
- Personal Electronic Direct/ACH Transactions
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- Commercial Cash Transactions
- Commercial Other Paper Transactions
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- Personal Cash Transactions
- Personal Other Paper Transactions
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- Mobile Proximity Payments
- Mobile Remote Payments
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Financial Cards and Payments
Payments are tracked based on the country of residence / account issuance and include outbound spend while excluding inbound spend.
See all of our definitionsWhy buy this report?
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This report originates from Passport, our Financial Cards and Payments research and analysis database.
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