Report: China Leading Internationally Potent Commercial Payment Card Market

News provided by

Oct 27, 2015, 10:24 ET

ROCKVILLE, Md., Oct. 27, 2015 /PRNewswire/ -- Decades of dominance by Western-based payment networks are being challenged by the economic tilt toward Asia. The growing prosperity in these nations has lead to a noticeable shift in global travel. And Asian countries are stepping up to meet the increasingly global payment solutions needs of the today's business world, according to market research publisher Packaged Facts in the all-new report Commercial Payment Cards: U.S. and Global Market Trends.

China, in particular, is leading the charge. The number of Chinese traveling abroad topped 107 million in 2014, up almost 20% from 2013, and 2015 numbers are expected to increase another 16%. Money spent during Chinese international travel has increased by four times the $41 billion spent just six years earlier, according to some calculations. Experts deem it conceivable that China will become the largest business travel market in the world as early as 2016.

China's domestic payment network, China UnionPay, is aggressively leveraging this international travel trend by using it to help open foreign doors to its payment products. It's a wildly successful strategy that Packaged Facts believes has already changed the power structure of payments in Southeast Asia in just a few years and is poised to do on a much broader global scale in the years to come.

"China UnionPay has strategically moved abroad, furthering its goal of being 'wherever the Chinese go.' In the bargain, it has become a global institution that is more aggressively competing with established western networks on their own turf," says David Sprinkle, research director, Packaged Facts.

This 9th edition of Commercial Payment Cards: U.S. and Global Market Trends presents data and analysis on the global and U.S. market for commercial payment solutions, including cards and automated clearing house (ACH) payment services. The report quantifies the size and growth of the market and presents key metrics within the broader payment card arena. Included are discussions and analysis of the various card associations or networks, commercial payment card types, trends and factors affecting their growth, and a focused analysis of commercial card consumer demographics and preferences. For more information visit: http://www.packagedfacts.com/redirect.asp?progid=87969&productid=9362808.

About Packaged Facts – Packaged Facts, a division of MarketResearch.com, publishes market intelligence on a wide range of consumer market topics, including consumer demographics and shopper insights, consumer financial products and services, consumer goods and retailing, consumer packaged goods, and pet products and services. Packaged Facts also offers a full range of custom research services. Reports can be purchased at www.PackagedFacts.com and are also available on www.marketresearch.com and www.profound.com.

For more essential insights from Packaged Facts be sure to follow us on Twitter and Google+.

Press Contact:
Daniel Granderson
240.747.3000
[email protected]

Logo - http://photos.prnewswire.com/prnh/20150831/262421LOGO

SOURCE Packaged Facts