Cards & Payments in Asia-Pacific
VRL Financial News Publishing, February 2012
The Asia-Pacific cards & payments market has traditionally been highly reliant on cash. But some markets, such as Japan and South Korea, boast highly sophisticated payment infrastructures that place these countries among the most advanced regions in the world for the adoption of new payments technologies. This report examines the evolution of the cards market in the Asia-Pacific region, and outlines the opportunities for cards issuers in this part of the world.
Read this report to:
- Gain an overview of the Asia-Pacific cards and payments market, with detailed analysis of 14 countries in this region
- Gauge the opportunities in the most significant segments, including debit/credit cards, e-money and mobile payments
- Prepare for the future of cards and payments with insights into the potential development of the Asia-Pacific region
- Benchmark against case studies of financial and mobile companies from the Asia-Pacific cards and payments market
Executive Summary
List of Figures
List of Tables
SECTION I INTRODUCTION TO CARDS & PAYMENTS IN ASIA-PACIFIC
Chapter 1 Overview of the Asia-Pacific Payment Market
1.1 The Asia-Pacific payment market is being built on debit cards
1.2 Changing long-lasting cash-related habits is still hard for some countries
1.3 The future of the Asia Pacific payment market is more and more cashless
1.4 By increasing the security of the transaction, EMV contributed to the growth of the Asian card market
1.5 The infrastructural landscape splitting the Asia-Pacific region
1.5.1 Improving payment solutions for the existing customer: the growth of developed Asia Pacific markets
1.5.2 Banking the unbanked: China and India as hot spots in the emerging Asia- Pacific
1.6 Consumer confidence fostering spending
1.7 The mobile payment market reflects the mobile subscription gap between developed and emerging AsiaPacific
1.7.1 Catching up with mobile payments: China alone will reduce the gap in the double-sided Asia-Pacific
1.7.2 Going mainstream? Just make mobile payments work. Promoting Near Field Communication
1.8 From high growth margins to saturation prospects: The E-commerce gap between the developed and emerging Asia-Pacific
SECTION II COUNTRY LEVEL ANALYSIS
Chapter 2 The ambition of China: From emerging country to a worldwide leader in the payment space
2.1 In line with a booming economy, the Chinese payment market will boost
2.2 Chinese government stimulating card acceptance through interchange fees policies
2.3 China UnionPay's latest expansion-focused deals
2.3.1 China UnionPay and the US NYCE for mutual benefits
2.3.2 China UnionPay moving even further
2.3.3 Using China UnionPay online cards to foster Chinese e-commerce
2.4 China's Five-Year Plan: Stimulating online payment trends
2.5 From cash to mobile payments, through cards: The growth of the Chinese mobile payment market
2.5.1 China mobile payments market expanding
2.6 A more transparent prepaid card market needed
Chapter 3 The Indian payment market moving in line with the country's social evolution
3.1 The Indian cash-based society increasingly adopting the use of debit cards
3.1.1 Banking the unbanked through Aadhaar
3.2 The increasing internet usage is fostering Indian e-Commerce
3.2.1 Top players in the Indian e-commerce space
3.3 The unbanked India as the principal pre-requisite for a rising prepaid market
3.3.1 India Post driving the future of prepaid
3.3.2 The Prepaid Indian forum taking fruitful initiatives
3.3.3 Combining efforts to reduce the unbanked: ITZ Cash Card, DCB and Visa launching India's first multipurpose prepaid card
3.4 The potential of mobile payments is there but it is a long way to maturity
3.4.1 The infrastructural challenge
3.4.2 Mobile solutions for the unbanked
3.4.3 The road ahead
3.5 Indian mobile banking services are far more developed compared to mobile payments
3.5.1 Extending mobile banking services to the unbanked: Internet Mobile Payment Service
Chapter 4 The blooming e-money market VS the very early stage of mobile payments: Indonesia
4.1 The Indonesian banking system
4.1.1 The forthcoming card chip implementation bringing costs to Indonesian banks
4.1.2 The “blocking the fraudster account” measure to fight card fraud
4.1.3 New credit card rules to protect banks from bad debts
4.2 The wide expansion of the e-money market
4.2.1 Rising authorities' concerns around the issuance of e-money
4.2.2 Telkomsel as the leading non-bank player in the Indonesian e-money space
4.2.3 Bank Negara Indonesia and Bank Mandiri seeking more e-money customers
4.3 Solid foundations for the mobile payment market are being built
4.4 Despite its foundation, it is too early for the mobile payments market to bloom
Chapter 5 The Hong Kong payment market looking for drivers
5.1 The Hong Kong credit card predominance
5.2 Consolidating outstanding debts as a driving factor
5.3 Banks setting high credit card APRs to withstand post-crisis card holders' risk
5.4 The dual currency market as a credit card magnet
5.4.1 Bank of China and China Unionpay aggressively tackling the dual currency market
5.4.2 Initiatives in the dual currency market are countless
5.4.3 It is not just about the cross border momentum; Dual currency credit cards are a gold mine
5.5 Other drivers of the Hong Kong payment Market
Chapter 6 The mature Australian card market
6.1 Credit cards widely used for high-value transactions
6.2 Four banks dominate the Australian credit card market
6.2.1 Commonwealth Bank of Australia as the leading credit card issuer
6.2.2 WestPac
6.2.3 Australia and New Zealand Banking Group
6.2.4 National Australia Bank
6.2.5 Citigroup
6.2.6 ING Direct
6.3 Australian consumers moving away from credit cards: Debit cards on the rise
6.4 Contactless is far from being fully implemented
6.5 Despite their high penetration rate, mobile payments are not popular among Australians
6.5.1 CBA confirms its role of leading promoter of technological payment devices
Chapter 7 More cashless than ever: Japan
7.1 A competitive prepaid cards market
7.2 Japan as the most mature mobile payment market
7.3 Despite its competitiveness, the Japanese mobile market is open to opportunities: a few case studies
7.3.1 From telecom leader to credit issuer: The case of Docomo
7.3.2 Deploying Near Field Technologies to gain market share: KDDI Moving forward
7.3.3 Following EMobile's steps: Potential for new entrants
Chapter 8 Predominantly based on credit cards, with a rising prepaid market and established mobile payment infrastructural settings: South Korea
8.1 The developed Korean card environment
8.2 The increasingly greater spectrum of Korean prepaid cards
8.3 The Korean mobile market
8.3.1 The development of smartphones is facilitating the expansion of the Korean mobile payment market
8.3.2 Future Competition Challenges: The LTE race
Chapter 9 Overcoming the dependence on cash: Malaysia
9.1 Central Bank regulations will reduce credit card usage
9.2 The new way of doing banking in Malaysia: Internet and Mobile Banking
Chapter 10 Seeking profitability in a saturated card market: Singapore
Chapter 11 Thailand as a highly cash-based payment market
11.1 Fostering the card market through Central Bank regulations
11.2 EFTPOS terminals as the driver of the Thai card market
Chapter 12 An Asia-Pacific to be exploited
12.1 Taiwan
12.2 The Philippines
LIST OF FIGURES
Figure 1.1 – Debit Cards far more popular and increasing at a higher rate than credit cards (millions)
Figure 1.2 – EMV coverage and adoption rate
Figure 1.3 – Mobile subscribers in China by operator (millions), November 2011
Figure 1.4 – Consumer confidence index, 3Q 2011
Figure 1.5 – South Korea and Japan are leading countries for mobile broadband penetration. Active mobile broadband subscriptions per 100 inhabitants, year: 2011 (Ranking in brackets)
Figure 1.6 – The exponential growth of Chinese mobile payment users (millions)
Figure 1.7 – Asia-Pacific share of worldwide number of mobile payment users increasing (millions)
Figure 1.8 - The global NFC mobile marketing alliance
Figure 2.1 – Chinese consumer spending across urban districts is on the rise as opposed to declining levels in the rural China (2005 – 2010, E2011, F2015)
Figure 2.2 – China Union Pay overtaking Visa as the leading worldwide credit card scheme (% market share)
Figure 2.3 – Internet users and penetration rate
Figure 2.4 – The growth of China's e-commerce (New internet users and e-shoppers, millions)
Figure 2.5 – Online transactions in China, 2005-2013
Figure 2.6 – Chinese mobile payment market size
Figure 2.7 –China's SIMpass
Figure 2.8 – China's prepaid card market, 2008-2010 (Estimates 2011)
Figure 2.9 – Convenience as the most attractive characteristic of prepaid cards
Figure 2.10 – The Chinese multipurpose pre-paid market still growing (CYN billions)
Figure 3.1 – The Indian middle class exponential growth
Figure 3.2 – The decline of cheques; the rise of debit cards
Figure 3.3 – Indian online population keeps rising, 2008-F2012
Figure 3.4 – Ogone's territorial coverage
Figure 3.5 – The Indian prepaid market does not seem to come to a halt
Figure 3.6 – Indian Prepaid issuers' market cards, 2011 (thousands)
Figure 3.7 – The ascendant trend of remittances in India
Figure 3.8 – ITZ Cash Card/DCB/Visa Freedom prepaid card
Figure 3.9 – Total and Active mobile connections, 2006-2011 (millions)
Figure 3.10 - Slowing foreign direct investment in the Indian Telecom Sector
Figure 3.11 – Indian users number by bank (millions)
Figure 4.1 – Number debit/credit cards in Indonesia, 2007-2011
Figure 4.2 – The three leading non-bank companies offering e-money services, 2Q 2011
Figure 4.3 – Bank Mandiri e-toll card
Figure 4.4 – Bank Mandiri's e-money cards accounting for the largest part of Indonesian transactions (2011)
Figure 4.5 – Indonesian internet users on the rise
Figure 4.6 – Indonesian mobile subscriber penetration rate keeps growing
Figure 4.7 – The chain-effect smartphone/3G mobiles (millions)
Figure 5.1 – China Unionpay/China Construction Bank dual currency credit card
Figure 6.1 –Transactions value, method of payment share (AUD$ billions)
Figure 6.2 – The Australian contactless pioneer: CBA Prepaid Travel Money Card
Figure 6.3 – The Australian credit card market share, 2011
Figure 6.4 – Debit cards increasingly popular in Australia
Figure 6.5 – Average value of contactless payments (Percentage of respondents)
Figure 6.6 – Mobiles are still used for applications rather than online banking and purchases (percentage of respondents)
Figure 6.7 – The Commbank Kaching application
Figure 7.1 – Edy as the leading prepaid issuer in Japan
Figure 7.2 – The growth of credit and prepaid e-money transactions (¥ trillions)
Figure 7.3 – DoCoMo the leading mobile firm in Japan, 2011
Figure 7.4 – The three big Japanese mobile operators will retain their market share in 2012 (number of mobile subscribers – millions)
Figure 7.5 – Retail and convenience stores as popular mobile payment locations, 2010-2011 (million of customers making purchases viamobile)
Figure 7.6 – DoCoMo credit card receivables (mobile payments and card products)
Figure 7.7 – Growth in the number of EMobile customers in Japan, 2007-2011
Figure 7.8 – EBITDA margin for EMobile in Japan, March 2007-March 2011
Figure 8.1 – The proportion of cashless payment instruments in South Korea, 2010
Figure 8.2 – Korean credit cards used for much higher-value transactions
Figure 8.3 – The Korean Pass Card
Figure 8.4 – The Korean T-Money
Figure 8.5 – The growth of the mobile payment market in Korea, 2005-2011
Figure 8.6 – The rapid growth of Korean smartphone users
Figure 9.1 – Internet Banking has become highly popular
Figure 9.2 – Malaysian Mobile Banking Subscribers
Figure 9.3 – Malaysia's top online retail websites
Figure 10.1 – Market Share of Payment instruments in Singapore
Figure 11.1 – The growth of ATM and EFTPOS terminals in Thailand
Figure 11.2 – Number of pre-paid cards in Thailand
LIST OF TABLES
Table 1.1 – The Asia Pacific payment market will grow much faster than its US and European counterparts (Cash-less transactions), 20102020
Table 1.2 – Active Mobile Broadband Subscriptions
Table 1.3 – Mobile payments will become mainstream within 4 years
Table 1.4 – Top five smartphones vendors, 2009 – 2010
Table 1.5 – Asia-Pacific e-commerce, 2007-2010
Table 2.1 – Chinese Demographic and Card Statistics, 2009 – 2010 (2011 Estimates)
Table 2.2 – Interchange fees in China
Table 2.3 – Online activities by Chinese Internet users
Table 2.4 – Low 3G handsets adoption by Chinese mobile subscribers
Table 3.1 – Indian Demographic and Card Statistics, 2008 – 2010, F2015
Table 3.2 – Share of the Indian E-commerce market by industry ($ millions), 2009-F2012
Table 3.3 – Mobile payment providers in India
Table 3.4 – RBI regulations in the Indian prepaid/mobile space
Table 3.5 – Number of mobile banking users, by service (2010)
Table 4.1 – Indonesia Demographic statistics, 2010 – 2015
Table 4.2 – Indonesia Card statistics, 2007-2011
Table 4.3 – Indonesia e-money statistics
Table 5.1 – Hong Kong Demographic Statistics, 2009 – 2010 (Forecast 2015)
Table 5.2 – Hong Kong Card statistics (2008-3Q 2011)
Table 6.1 – Australian Demographic and Card Statistics, 2007 – 2010
Table 7.1 – Japan demographic statistics, 2010 – 2011, F2015
Table 7.2 – Japan Card statistics, 2007-2012
Table 7.3 – Japanese prepaid issuers by transactions and outlets number, 2010
Table 7.4 – SoftBank retaining a larger 3G/Mobile Internet market share, 2011 (millions)
Table 8.1 – Strong growth rates reported for the Korean prepaid cards market
Table 9.1 – Malaysia card statistics, 2007 – 2011 (F2012)
Table 11.1 – Bank of Thailand's promotion of attractive electronic payment systems for consumers
Table 11.2 – Thailand card statistics, 2010 - 2011
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