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.
- 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:
- Market Overview
- Card-based Payments
- E-commerce Payments
- Alternative Payments
- Payments Infrastructure & Regulation
- Standard Chartered
- Bank of China (Hong Kong)
- American Express
- Diners Club
For more information about this report visit https://www.researchandmarkets.com/research/ddpjvw/payments