Some of the key factors driving growth in the Asia Credit Card Market are digitalization, development of infrastructure (Integration with Artificial Intelligent Platforms, POS Terminals, and ATM Terminals), Improved Member Merchants Discounts, Rewards and Loyalty Programs, Increasing Disposable Income and Reducing Interest Rates.

The Asia credit cards market has been observed to be at a late growth stage. The competitive growth in the credit card industry of Asia was majorly driven by deep client partnerships, strong cross-border growth, long-term growth opportunities, and tailored strategies. The digital payments industry in Asia has scaled up rapidly over the last few years which have led to an increase in credit card usage. The growth is majorly driven by usage among youth and the younger population. About 83.0% of millennials aged 25-34 years use credit cards more than any other age group.

Increasing Digital Payments Industry: The rise of affordable smartphones and sub-sequent internet and mobile penetration has led to significant growth in the digital payments space amongst Asian countries. Users have steadily embraced non-cash methods over the years especially the usage of credit cards.

Introduction of various types of credit cards such as reward-based cards for gaining reward points against shopping, traveling and even filling up the fuel in vehicles has also driven the growth of credit cards. Additionally, the design, as well as the appearance of the credit cards, can be customized as per the user’s need. Partnerships with the FinTech will play a crucial role in the development of a digital payments ecosystem by promoting innovation and enabling open-loop payments that promote the adoption of digital payments.

Most of the Asian countries such as India, Indonesia, Malaysia, and others have just started their cashless journey. The countries are highly dependent on cash with the majority of the transactions being made in cash. Asian countries have eliminated many of the typical macro-economic factors to move forward to being a cashless economy; however, low rates of financial inclusion are having an adverse impact on the growth of cashless payments. The role of specific regulatory bodies such as RBI in India and The Peoples Bank of China in monitoring, regulating and promoting digital payments and credit card usage in Asia will have a great impact on the issuance of the credit cards and the transaction value and volume in present and in the future as well. The use of traditional cashless methods such as cheques is on the decline. Cheques are increasingly becoming a US-only phenomenon and will be replaced soon by other payment methods. China, South Korea, and India have recorded a major decrease in cheque usage.

Analysts at Ken Research in their latest publication Asia Credit Cards Market Outlook to 2025 – By Commercial and Personal Credit Cards; by Transactions at ATM and POS terminals; by Total Cards in Circulation; by Transaction Value and Volume through issuers & operators; and By Major Countries (Japan, South Korea, India, China, Indonesia, Philippines, Singapore, and Others)” believe that the Asian credit card the market will increase owing to the rising millennial population and the growth in the technology and FinTech in the all the Asian countries. This rise is expected to boost the demand for credit card products and services in Asia owing to the requirement of both personal as well as commercial credit cards. The market is expected to witness a forecasted CAGR of 6.8% in terms of total cards in circulation and a CAGR of 7.4% in terms of the total transaction value for the period 2018-2025.

Key Segments Covered:-

Credit cards

Value of transaction by Issuer and Operator

Volume of transaction by Issuer and Operator

Number of Credit Cards in Circulation by Issuer and Operator

Commercial and Personal Credit Cards

Transactions at ATM and POS

Countries

India

Indonesia

Malaysia

Singapore

Philippines

South Korea

China

Japan

Other Countries (Vietnam, Thailand, Hong Kong, Taiwan and Rest)

Key Target Audience

Credit/ Debit Card Operator

Credit/ Debit Card Issuers

Prepaid Card Issuers/ Operators

Local/ Foreign Bank

Reward/ Loyalty Program Business Operators

Payment gateway provider

Credit/ Debit Card Issuer

POS Device Manufacturers

Debit/ Credit Card Manufacturing companies

ATM Manufacturing Entities

Regulatory Authorities

Time Period Captured in the Report:-

Historical Period: 2013-2018

Forecast Period: 2018-2025

Companies Covered in Asia Credit Card Market:-

Banks (Issuer)

HDFC, India

Bank Mandiri, Indonesia

Bank CIMB Niaga, Indonesia

UOB, Singapore

DBS, Singapore

Citibank BHD, Malaysia

Malaysian Banking, Malaysia

Shinhan Card, South Korea

KB Kookmin, South Korea

BDO Unibank, Philippines

Metropolitan Bank, Philippines

ICBC Bank, China

China Merchants Bank, China

JCB, Japan

Credit Saison, Japan

Others (SBI India, Bank CIMB Niaga Indonesia, Bank Mega, Citibank, HSBC Holdings Plc, Rizal Commercial Banking CORP (RCBC) and Rest)

Operators

Visa Inc.

MasterCard

American Express

Bank Central Asia

Union Pay International

Others (Shinhan Card, BC Card, Petron Corp, Taiwan Rakuten Card and Rest)

Key Topics Covered in the Report:-

Major Credit Card Issuers in Asia

Future of Credit Cards in Asia

Credit Card Market Forecast Hong Kong

Taiwan Credit Cards Market Growth Rate

Expected Credit Cards in Circulation Asia

Number of American Express Cards in Asia

Number of Union Pay International in Asia

Demonetization Impact on India Credit Card Industry

Market Report on Credit Cards Asia

Asia Payment Services Market

Asia Credit Cards Market Transaction Value in USD Million

Contactless Credit Card Holders in Asia

Credit Cards in Circulation in Asia

Credit Card Transaction at ATM in Asia

Credit Card Transactions at POS Terminals

For Information Click On the Below Mentioned Link:-

Asia Credit Cards Market Research Report

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Contact Us: –

Ken Research

Ankur Gupta, Head Marketing & Communications

Ankur@kenresearch.com

+91-9015378249