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Tag: credit card

  • E-commerce Surge Fuels Expansion in Taiwan’s Credit Card Payments Market

    E-commerce Surge Fuels Expansion in Taiwan’s Credit Card Payments Market

    Taiwan’s credit card payments sector is on the brink of substantial growth, projected to see an impressive 7% increase by 2025, reaching a staggering $156.2 billion (TWD 5 trillion), as evidenced by findings from GlobalData. This upward trajectory is propelled by an insatiable appetite for cashless transactions, a booming e-commerce landscape, and the rising adoption of contactless technology.

    The trend is already apparent, with credit card transaction values surging by 19.9% in 2023, followed by a robust 11.9% increase in 2024, pushing the total to $145.9 billion (TWD 4.7 trillion). Surprisingly, despite global economic instability and the looming specter of U.S. tariffs, credit card popularity shows no signs of waning.

    “While debit cards dominate in terms of sheer numbers, consumers still prefer credit cards for payments,” noted Ravi Sharma, Lead Banking and Payments Analyst at GlobalData. “In 2025, the average number of transactions per card will hit 66.1, while debit cards lag behind with only 5.2.”

    This dramatic shift is attributed to several factors: a burgeoning middle class, a dynamic young workforce, enhancing payment infrastructure, and the escalating trend of e-commerce and contactless payments.

    Remarkably, credit cards accounted for 93.1% of total payment card transaction values in 2024. Major financial institutions are cashing in on this trend, with banks like Taipei Fubon Bank offering enticing installment plans, including a six-month interest-free option on select purchases. The digital marketplace plays a pivotal role here, with online transactions representing a noteworthy one-third of all credit card activity.

    Innovative partnerships are also making their mark; for instance, Cathay United Bank has teamed up with the online platform Shopee to create a co-branded credit card that rewards purchases with Shopee’s Shrimp Coins—who knew shopping could come with its own little treasure hunt?

    Public transport initiatives are aligning with this growth momentum too. In November 2023, Metro Taipei collaborated with Thales Group and MiTAC to roll out contactless payment options leveraging both cards and digital wallets, making travel smoother for the cashless commuter.

    Looking ahead, GlobalData anticipates continued expansion in this market, projecting a reach of $211.3 billion (TWD 6.8 trillion) by 2029, achieving a remarkable CAGR of 7.8% amid evolving consumer preferences and technological advancements.

    Questions & Answers

    What factors are driving the growth of credit card transactions in Taiwan?
    The growth is fueled by rising consumer demand for cashless payments, a burgeoning middle class, enhanced payment infrastructure, and the boom in e-commerce and contactless technology.

    How significant are online transactions within the credit card market?
    Online transactions now account for one-third of total credit card transaction value, underscoring the vital role of e-commerce in driving credit card usage.

    What innovative partnerships have emerged in Taiwan’s credit card market?
    A notable collaboration is between Cathay United Bank and Shopee, which has introduced a co-branded credit card that rewards consumers with Shrimp Coins for purchases, adding an engaging twist to the shopping experience.

  • Chart of the Week: Hong Kong’s Credit and Charge Card Market Set to Hit $132.4 Billion!

    Chart of the Week: Hong Kong’s Credit and Charge Card Market Set to Hit $132.4 Billion!

    Banks in Hong Kong are stepping up their game with exciting new offerings like mobile virtual cards and dual-currency payment options. As a reflection of this growing competitiveness, the credit and charge card payments market is projected to expand by 6% to reach an impressive $132.4 billion (HK$1 trillion) by 2025, according to insights from data and analytics firm GlobalData.

    Currently, credit and charge cards account for a staggering 77% of all card payments in Hong Kong. This remarkable uptick in consumer spending is driven by a rapidly evolving payment infrastructure, an increasing number of merchant acceptances, and enticing benefits tailored for customers.

    With 27,252 point-of-sale (POS) terminals per million inhabitants, Hong Kong proudly outpaces Japan, Thailand, and Indonesia in this regard. As banks roll out innovative schemes, the appetite for adopting digital payment solutions is only expected to grow.

    Revolutionary Offerings Fuel Market Growth

    In June 2025, HSBC partnered with Mastercard to introduce the city’s pioneering mobile virtual corporate card, specifically designed for commercial clients. This avant-garde solution allows businesses to instantaneously issue virtual cards through a user-friendly portal. For added convenience, these cards can be linked to compatible digital wallets for immediate use through the Mastercard In Control Pay mobile app. Users enjoy the flexibility to activate or deactivate their virtual cards at any time and from any location — because why not take control of your finances while sipping a coffee at your favorite café?

    First Dual-Currency Card Takes Center Stage

    In a related development, the Bank of China Hong Kong (BOCHK) collaborated with UnionPay International to launch a dual-currency BOC Go credit card. This innovative card enables holders to make purchases in both Chinese yuan and Hong Kong dollars, blurring the lines of currency accessibility.

    Transaction Growth Points to Consumer Confidence

    Recent data from the Hong Kong Monetary Authority (HKMA) reveals that in the first quarter of 2025, the total value of credit card transactions surged by 8.4% year-on-year to reach $34.9 billion (HK$274.1 billion). Delving deeper, of this sum, $23.7 billion (HK$186.1 billion) stemmed from retail spending within Hong Kong. Overseas retail spending accounted for $10.06 billion (HK$79 billion), with cash advances making up $1.15 billion (HK$9 billion).

    Flexible Repayment Options to Enhance User Experience

    Recognizing the importance of managing risk, banks are enhancing credit card user experience by introducing flexible repayment options. For instance, Citibank’s Merchant Instalment Plan allows consumers to convert purchases of HKD2,000 ($256) or more at over 600 participating merchants into manageable monthly installments. Similarly, Standard Chartered offers customers the ability to convert purchases of HKD500 ($64) and above into payments spread over three to 60 months, fostering greater financial ease.

    Questions & Answers

    What is the projected growth rate of Hong Kong’s credit and charge card payments market by 2025?
    The market is expected to grow by 6%, reaching $132.4 billion (HK$1 trillion) by 2025.

    How are banks encouraging the adoption of new payment solutions?
    Banks are introducing innovative products like mobile virtual corporate cards and dual-currency credit cards, alongside flexible repayment options to enhance user convenience.

    What percentage of all card payments in Hong Kong currently comprises credit and charge cards?
    Credit and charge cards account for a significant 77% of all card payments in Hong Kong.

  • Boost in Consumer Spending Fuels Growth in Australia’s Credit Card Market

    Boost in Consumer Spending Fuels Growth in Australia’s Credit Card Market

    Australia’s Credit Card Market on Track for Significant Growth, Expected to Reach $299.7 Billion by 2025

    Australia’s credit and charge card payments sector is poised for robust expansion, with projections indicating a surge to $299.7 billion (AUD 453.9 billion) by 2025. This growth is predominantly fueled by increasing consumer spending, a resilient payment infrastructure, and a thriving e-commerce landscape, as reported by GlobalData.

    Strong Consumer Spending Drives Momentum

    In 2024, the market value for credit and charge card payments experienced a notable increase of 6.3%. This upswing is largely attributed to rising consumer spending and the appeal of value-added benefits, including cashback rewards and flexible repayment options.

    Kartik Challa, Senior Banking and Payments Analyst at GlobalData, emphasized that Australians are increasingly aware of the advantages of credit card usage. “Consumers frequently utilize these cards to capitalize on benefits, such as cashback offers and rewards programs,” he stated. The boom in consumer appreciation is pivotal to the ongoing growth of this sector.

    Boosted by E-Commerce and Payment Infrastructure

    The credit and charge card market’s upward trajectory is bolstered by improvements in payment infrastructure and the burgeoning e-commerce domain. In 2024, Australians averaged 225.5 transactions per card, with expectations to rise to 239.5 by 2029. Key players in retail banking, such as Commonwealth Bank and NAB, are further supporting this trend by offering innovative repayment solutions like “SurePay” and the “Now Pay Later” program.

    Moreover, Australia is rapidly enhancing its payment capabilities, boasting 39,031 point-of-sale (POS) terminals per million inhabitants as of 2024—outpacing countries such as China and Hong Kong.

    E-Commerce Payments Gain Traction

    E-commerce payments are a significant contributor to this growth, with credit and charge cards accounting for 22.5% of online transactions in 2024. This alignment with consumer trends suggests a growing reliance on digital payment methods as online shopping habits evolve.

    To further assist consumers in managing debt, many Australian banks are introducing programs like debt consolidation and balance transfer options. For example, ANZ offers customers the ability to transfer their existing balances to an ANZ card, simplifying payment processes.

    Future Outlook: Navigating Challenges Ahead

    Looking ahead, Challa notes that while the outlook remains bright for Australia’s credit card market—anticipated to grow at a CAGR of 4.4% to reach $356 billion (AUD 539.1 billion) by 2029—external factors such as global trade complexities and geopolitical concerns could temper this growth.

    As the credit card market continues to expand, its implications are profound for the retail sector and consumers alike, enhancing purchasing power while fostering innovative financial solutions to navigate economic shifts. The increasing prominence of credit and charge cards is likely to shape the future of consumer spending in Australia, making it a space to watch closely.

  • Samsung will develop payment cards with fingerprint scanners with Mastercard

    Samsung will develop payment cards with fingerprint scanners with Mastercard

    Samsung and Mastercard have partnered up to develop a fingerprint-authenticated payment card. Yes, we’re talking about an actual, physical card with a built-in fingerprint scanner. This innovation will increase the security of contactless payments and give users another layer of safety – while looking pretty darn cool.

    The card will work with every in-store (POS) terminal that supports Mastercard. When buying, the user will use their fingerprint rather than their PIN to secure the payment that they make. Especially in a pandemic this new type of card introduces a safer and more convenient way for users to authenticate their way of payment, because it excludes the need to touch the POS device.

    The new security chipset will be delivered by Samsung’s System LSI Business and will not use existing Mastercard hardware.

    “As consumers embrace the safety and convenience of contactless payments, Mastercard will leverage its cybersecurity and intelligence expertise and global payments network in this three-way partnership to enhance cardholder security with a biometric solution supporting fast, frictionless payment experiences that are protected at every point,” said Karthik Ramanathan, Senior Vice President, Cyber & Intelligence Solutions, Asia Pacific, Mastercard.

    In 2017 Mastercard unveiled their plans for a similar card that doesn’t require users to put their PIN in. This new endeavor uses the same concept but the sensors are now going to be produced by Samsung.

    Samsung Card is owned by Samsung Life Insurance, which is one of the biggest credit card companies in South Korea. The company will be the one releasing the product in South Korea later this year.

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  • Asia Pacific’s five most popular cities o pay with Mastercard

    Asia Pacific’s five most popular cities o pay with Mastercard

    Five destinations attract 22 per cent of all international traveller arrivals in Asia Pacific and a quarter of travel spend in the region, according to a new Mastercard report.

    Asia Pacific’s five most popular destinations for international travellers – Bangkok, Singapore, Kuala Lumpur, Tokyo and Seoul – welcomed over one-fifth of all overnight visitors to the region’s top 161 cities and regional centres last year. Hong Kong is notably absent from the list.

    The data has been revealed in Mastercard’s Asia Pacific Destinations Index (APDI), a regional subset of the Global Destination Cities Index (GDCI) which is now in its tenth year.

    Primarily driven by explosive growth in outbound travel from Mainland China, these five cities are also capturing more than 25.2 per cent of total international travel spending in the region.

    Last year, Asia Pacific hosted travellers making 342.2 million business and leisure trips, up from 159.1 million in 2009, representing an 8.9-per-cent compound annual growth rate (CAGR) over the nine-year period. During the same period, travel spending in Asia Pacific more than doubled, rising from US$117.6 billion to $281.1 billion, equating to a compound annual growth rate of 10.2 per cent.

    “While the world’s economic, geopolitical, technological and societal landscapes have all changed dramatically since Mastercard launched this research 10 years ago, one thing has remained constant: the desire of ever-growing numbers of people to explore the world beyond their own borders,” said Mastercard’s senior VP data & services Asia Pacific Rupert Naylor. “With the top 20 cities attracting nearly half (49.8 per cent) of all international overnight arrivals to the 161 destinations ranked in the APDI, it is important to understand not only how continuously rising travel numbers impact cities and destinations for the better, but also the challenges they pose. This equips governments, merchants and the global travel industry with the information and insights they need to better serve their residents and visitors.

    The research shows that Mainland China continues to exert the greatest influence over travel patterns and expenditure flows. Since 2009, overnight arrivals by Mainland Chinese travellers in markets across Asia Pacific surged from 10.5 million to 62.4 million last year, representing a 21.9 per cent compound annual growth rate over the period.

    “While Mainland China serves as a focal point for Asia Pacific’s top destinations, there are also bright spots in South Korea, Japan and India,” said Naylor. “As travellers from these markets continue to increase by remarkable percentages year over year, it is imperative that we bring together resources from both the public and private sectors to help tourism partners better understand commerce patterns and deliver attractive experiences for eager travellers from across the region.”

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  • Credit cards declining, Australians switch to new methods

    Credit cards declining, Australians switch to new methods

    A new report from data and analytics firm ilion suggests there is a mass-shift underway in the way Australians finance their purchases.

    According to its inaugural credit card report released on Sunday, Australian consumers under the age of 30 hold over half of all buy now, pay later accounts but just 10 per cent of total credit cards.

    One reason for this may be that banks are traditionally reluctant to give credit cards to younger consumers, who they view as a “more risky demographic group”. This coincided with new, alternate payment methods.

    “With evolving forms of repayments offering consumers more choice in an increasingly fragmented and competitive credit system, Australia is at the tipping point of its credit card cycle,” illion chief executive Simon Bligh said.

    As the payments landscape changes, retailers need to consider whether they should offer alternate payment options, if they haven’t already.

    “Retailers will need to respond to shifts in how consumers want to purchase and pay off their goods and services over coming years, particularly as younger Australians enter adulthood and constitute a growing and more influential proportion of the spending population,” Bligh said.

    While a majority of under 30s still hold a credit card (57 per cent), the long term trend is exponentially changing in the favour of BNPL options.

    Source: illion

    As the ilion report highlights, however, those under the age of 30 are twice as likely as their parents to fall more than two months behind in credit card payments.

    “[This suggests] they have a greater difficulty balancing spending and debt, regardless of their credit limit,” Bligh said.

    “Likewise, the likelihood of failing to pay off credit card debt on time increases if consumers have more than one card, and increases again if those cards are with multiple banks.”

    According to a recent investigation into the BNPL industry by the Australian Securities and Investments Commission, one in six users of the services had become overdrawn, delayed a bill payment or borrowed additional money to overcome payment obligations.

    This stems from the fact that both BNPL and credit cards allow customers to buy something that may be out of their price range, and easily put themselves in a position of becoming unable to meet their repayments.

    “The exponential growth in this industry, along with the risks we have identified, means this will be remain an ongoing focus for ASIC,” ASIC commissioner Danielle Press said.

  • Visa Thailand to strengthen security in payment

    Visa Thailand to strengthen security in payment

    Visa, the world’s leader in digital payments, has today launched its Future of Security Roadmap for Thailand, outlining a robust approach for strengthening payments security in the country over the next 3 years. Visa’s Roadmap focuses on a number of key initiatives which will enable security to evolve at the same pace as the technologies changing the way we pay. These security initiatives include:

    • Devalue data by removing the sensitive data from the ecosystem and making stolen account details useless.
    • Protect data by implementing safeguards to protect personal data as well as account details.
    • Harness data by identifying potential fraud before it occurs and increase confidence in approving good transactions.
    • Empower everyone, including accountholders, 3rd party providers and merchants, to play an active role in securing payments.

    Suripong Tantiyanon, Country Manager, Visa Thailand said: “We are proud to be launching our Thailand Future of Security Roadmap. Securing the commerce ecosystem is our highest priority and one we view as a shared responsibility between payment networks, consumers, banks, and the government. Technology has enabled new innovative ways to pay and be paid, but it has also brought unique risks. To stay ahead of fraud, we need to work together and give security the same attention and investment as we do the innovations driving new commerce experiences.”

    The release of Visa’s Roadmap comes at a time of rapid change for payments in Thailand with innovations such as mobile payments set to enhance the payment experience for consumers. According to Visa’s Consumer Payment Attitudes Study, security remains a key consideration for consumers across Southeast Asia with two-thirds (67 percent) concerned about the safety of their personal information when using their mobile phone to make payments.

    When asked specifically about what their top three concerns were when using their mobile phones to make payments, consumers in Thailand said losing my phone or having my phone stolen, my phone getting hacked or someone intercepting my data, and malware or viruses being installed on my phone.

    Visa works with industry stakeholders including financial institutions, merchants, policy makers, law enforcement and accountholders to secure payments. The Visa Future of Security Roadmap is the product of comprehensive consultations and collaboration, making it an authoritative document on Thailand payments security.

    Visa is delivering roadmaps around the world to ensure the security of the global commerce ecosystem, as well as working with Thai industry bodies to align security initiatives.

     

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  • Hong Kong Top 10 Most Visited Cities in Asia Pacific: Mastercard

    Hong Kong Top 10 Most Visited Cities in Asia Pacific: Mastercard

    Hong Kong is listed as one of Asia Pacific’s top 10 most visited destinations for the eighth consecutive year in the Mastercard Global Destination Cities Index 2018 released. Ranked 14th globally and seventh in Asia Pacific, Hong Kong welcomed 9.03 million international overnight visitors in 2017. Despite dropping a notch from ranking the sixth the previous year, the city saw a slight increase in international overnight visitors from 2016 which saw 8.86 million visitors. Overnight visitor arrivals to Hong Kong are forecast to grow by 0.9 percent in 2018.

    The city is currently at the tenth spot regionally, and is also expected to see 3.78 percent growth in international overnight visitor spending from US$5.92 billion in 2017.

    Ranking the world’s 162 top destination cities, the Index analyzes visitor volume and spending for the 2017 calendar year and provides a forecast for annual growth, insights on the fastest growing destination cities, and a deeper understanding of why people travel and how they spend around the world.

    Global & Asia Pacific Highlights:

     Bangkok remains to be the No. 1 destination city in the world with 20.05 million international overnight visitor arrivals, while London came in a close second with 19.83 million visitors. Paris and Dubai came at the third and fourth spots, with 17.44 million and 15.79 million visitors respectively. Singapore remains at the fifth spot with 13.91 million visitors.

     Forty-eight point five percent of travelers to the global destinations came from China, which ranks at number two among the top origin countries, next to the United States with 57.4 percent.

     Dubai continues to be the top ranking destination city in the world based on overnight visitor spend, having recorded an International Overnight Visitor Spend of US$29.70 billion, followed by Makkah and London with US$18.45 billion and US$17.45 billion each.

     The top three overnight international visitors in Hong Kong last year were from the Republic of Korea (12.9 percent), the U.S.A. (9.6 percent) and Taiwan (9.5 percent).

     

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  • Korean’s overseas card spending hits record high in first quarter

    Korean’s overseas card spending hits record high in first quarter

    Overseas card spending by Koreans hit a fresh record high in the first quarter on rising outbound tourists, central bank data showed Thursday.

    In the January-March period, a record $5.07 billion worth of purchases were made abroad, up 11.4 percent from three months earlier, according to the data by the Bank of Korea. From a year earlier, the Q1 tally marked a 26 percent increase.

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  • Credit card spending rebounds in March

    Credit card spending rebounds in March

    New Zealand retail spending on electronic cards rebounded in March on the back of increased grocery and liquor spending.

    Seasonally adjusted total retail spending on credit and debit cards increased 1 per cent in March, Statistics New Zealand.

    Economists had expected a lift of 0.5 per cent, according to a Bloomberg poll. Core retail spending, excluding fuel and vehicles, rose 1.6 per cent.

    “Despite losing a trading day to Good Friday, retail card spending rose in March,” retail manager Sue Chapman said.

    “The rise was driven by an increase in spending on grocery and liquor retailing, rebounding from a fall in the previous month.”

    Ms Chapman said spending may have been lower in February due to two large storms that hit several parts of the country.

    Consumables spending, which covers grocery and liquor retailing, rose 2.9 per cent in March.

    Spending on durables – which includes hardware, furniture and appliances – lifted 1.2 per cent on the month while hospitality rose 1.4 per cent in March versus February.

    Apparel spending, however, fell 1.1 per cent on the month. Spending on vehicles fell 1.8 per cent and spending on fuel fell 0.5 per cent.

    Thursday’s figures show actual total retail spending climbed rose 6.0 per cent in March to $5.5 billion.

    Card-holders across all industries made 151 million transactions in the month. The average value of $49 was unchanged on the year and down from $50 in February.

    “Election-related uncertainty looks to be well behind us, with consumers voting with their wallets. We remain constructive on the outlook for consumer spending over 2018 and beyond,” said ASB senior economist Mark Smith.

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  • Worldpay predicts credit-card decline

    Worldpay predicts credit-card decline

    Credit-card use in Singapore is set to fall by 40 per cent in less than five years, according to new research from global payment company Worldpay.

    For its Global Payments Report 2016, Worldpay analysed 30 eCommerce markets including Australia, China, Hong Kong, India, Malaysia, Singapore, South Korea and Taiwan. For Singapore, Worldpay found that although credit cards hold a 60 per cent share of the payments market, this is expected to slide to 36 per cent by 2020.

    This is described as a significant drop by Worldpay Asia Pacific GM for global eCommerce Phil Pomford. “This growing credit-wariness could be symptomatic of a wider political push to help consumers avoid debt.”

    He says the Singapore government’s total debt-servicing ratio (TDSR) rules, implemented in 2013, were designed to ensure monthly debt payments do not exceed 60 per cent of a debtor’s monthly income. “This public focus on the issue of debt helps explain why credit-card use is predicted to fall nearly a quarter in less than five years, while debit-card use is expected to rise.”

    For now, debit cards, cash on delivery and bank transfers each account for 9 per cent of the total payments market in Singapore. But Worldpay’s research indicates that all these non-credit payment options will double or nearly double by 2020.

    Debit-card use is expected to double to become 18 per cent of the total payments market, while cash on delivery and bank transfers will represent 18 and 17 per cent respectively. E-wallet growth is likely to remain relatively flat, growing from 9 to 10 per cent share by 2020.

    Growing topic

    Consumer debt has been a growing topic in Singapore over the past few years, says WorldPay, leading the government to introduce regulations to help borrowers pay down their debts and prevent further debt accumulating.

    Worldpay research indicates the government’s program to increase credit awareness and discourage too much borrowing is still resonating with consumers. They are aware of and concerned about rising household debt, and want easier access to non-credit payment options.

    “Our research strongly suggests Singaporeans will start using a wider range of payment methods in the next five years, possibly influenced by the government’s work to reduce consumer debt and encourage Singaporeans to think more carefully before they shop on credit,” says Pomford.

    “Therefore, online merchants wanting to win the hearts and wallets of shoppers in Singapore must offer a range of traditional and alternative payment methods – from debit cards to cash on delivery and bank transfers – because credit cards alone just aren’t enough.”

    Meanwhile, Singapore’s eCommerce market is set to grow by 11 per cent to US$5.8 billion by 2020.

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  • Visa and TAT launch the Amazing Thailand Grand Sale 2016

    Visa and TAT launch the Amazing Thailand Grand Sale 2016

    Mr. Suripong Tantiyanon (second from left), Visa Country Manager, Thailand and Mr. Wiboon Nimitrwanich (second from right), Executive Director, Tourism Investment Department, Tourism Authority of Thailand presided over the launch of the Amazing Thailand Grand Sale 2016 campaign. More than 15,000 shops in 110 department stores and shopping centres in seven major tourist destinations of Bangkok, Pattaya, Chiang Mai, Phuket, Hat Yai, Hua Hin and Udon Thani participating in the campaign which starts today and ends on 31 August 2016. Visa cardholders get special privileges on top of the program.

    For every 500 Baht spent with their Visa cards during the campaign period, shoppers get two tickets to enter “The Travel 365 Days in Thailand” lucky draw. The grand prize includes two sets of flight tickets and accommodation, one for international traveler and another for Thai shopper. Winners can travel with a friend to any Thai airways domestic destinations and stay at any Centara Hotels & Resorts property throughout the year and up to ten days per visit. The campaign is back for its 18th successful year. Terms and conditions apply.

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  • UnionPay expands card issuance and acceptance in Thailand

    UnionPay expands card issuance and acceptance in Thailand

    UnionPay, an international payment network, continues its expansion in Thailand with the announcement of two new card issuing banks. From June 2016, Kiatnakin Bank and Land and House Bank will join Bangkok Bank, Bank of China (Thai), ICBC Thai, Kasikorn Bank, and Krungthai Bank in issuing UnionPay debit and credit cards.

    Acceptance of UnionPay cards is also on the increase, with near complete nationwide coverage of ATMs and almost 90% of merchants now accepting UnionPay cards. This includes a wide variety of merchants and Thai cardholders can pay using their UnionPay debit or credit card at large department stores, airports and downtown duty-free shops, hotels and tourist attractions, as well as everyday spend merchants like convenience stores, chain supermarkets, cinemas and restaurants.

    “Thailand is a very important market for UnionPay International and we are delighted to see there are increasingly more opportunities for consumers to shop and pay using their UnionPay cards. We are intensifying our efforts to meet growing demand by expanding our acceptance network and enlarging our issuance scale both locally and regionally. In Thailand, we are bolstering card issuance by expanding our debit and credit portfolios rapidly to meet the specific demands of the market, and the addition of new card issuing banks will will offer more choices to Thai consumers and businesses. We are delighted to welcome both Kiatnakin Bank and Land and House Bank as valued partners to our growing network of card issuers,” said Wenhui Yang, General Manager of UnionPay International Southeast Asia.

    “Debit card usage is growing in Thailand and it is important we are able to support our customers’ needs. The introduction of the Kiatnakin Bank UnionPay debit card addresses these needs as well as giving our customers access to a global network, meaning they can use the card when they travel as well as in Thailand. We have worked closely with UnionPay International to introduce this card and we look forward to a long and fruitful relationship,” said Mr. Aphinant Klewpatinond, President and Chairman of Commercial Banking Business, Kiatnakin Bank.

    Mrs.Sasitorn Pongsatorn, President, LH Bank Public Company Limited, commented “LH Bank is committed to continuous development of our products and services. We have joined with Union Pay to launch the LH Bank Debit Chip Card as this will help make financial transactions or bill payment services without cash easier for our customers, who will also be able to benefit from discounts or privileges around the world. We believe the new LH Bank Debit Chip Card with UnionPay will meet our client’s financial lifestyle needs. New cards can be issued free of charge and withdrawing money from any ATM will also be free of charge with unlimited access nationwide.

    For those who are interested, the bank will offer free annual fee for the first year.

    UnionPay cardholders benefit from extensive range of benefits

    UnionPay cardholders can benefit from promotions and offers from a range of businesses in Thailand. Throughout June and July, holders of the recently launched Bangkok Bank Be1st Smart TPN UnionPay card will receive a 50% discount when buying movie tickets for any seat at Major Cineplex branches around Thailand. Travelers can also benefit when using their UnionPay debit or credit card at King Power shops at airports and duty free shops in Thailand. When spending THB 15,000 or more in a single receipt between now and August 31st, Union Pay cardholders can enjoy a THB 500 discount.

    UnionPay cardholders in Thailand can also enjoy special discounts and privileges at their favourite destinations such as Singapore, Tokyo, Osaka, Seoul, Hong Kong, Taipei, Kuala Lumpur, Paris and London as part of the company’s 2016 Global Airport Campaign which features 120 participating duty-free shops at 80 airports, including 16 of the busiest airports across the world.

    In addition to extensive benefits, UnionPay card members benefit from secure and convenient cashless ATM and POS transactions in 160 countries and regions including Thailand that accept the UnionPay card.

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  • Lotte aims to take slice of Indonesia’s credit card industry

    Lotte aims to take slice of Indonesia’s credit card industry

    South Korean conglomerate Lotte Group announced its plans to delve into the credit card market in Indonesia following a meeting with President Joko “Jokowi” Widodo during his state visit to the East Asian nation last month.

    In a one-on-one meeting with President Jokowi on May 16 in Seoul, Lotte Group chairman Shin Dong-bin conveyed the company’s plans to advance its business and investment in Indonesia, including an idea to venture into the credit card market.

    “The Lotte’s management have told us that they want to invest in cinema, theme parks and the credit card business in Indonesia,” Creative Economy Agency head Triawan Munaf said recently.

    The company’s chain of hotels, amusement parks and duty-free shops generated more than 5.1 trillion won ( US$4.38 billion ) in revenue last year, Bloomberg reported.

    Foreign Affairs Minister Retno LP Marsudi said the group was eager to invest further in Indonesia as it had seen potential.

    With Lotte Mart having first opened its doors in Indonesia in 1993, the company, which employs 9,000 people in Indonesia, has become a major retail player in the country. It also operates Lotte Department Store with two duty-free stores, the Angel-in-us Coffee coffeehouse chain and Lotteria fast food chain.

    In 2013, the group opened Lotte Shopping Avenue near the busy Mega Kuningan central business district in Jakarta. It is a large-scale shopping complex that hosts its affiliates, including Lotte Department Store, a duty-free store and Lotteria.

    Despite having yet to hear Lotte’s plan, Indonesian Credit Card Association ( AKKI ) general manager Steve Marta said the South Korean group had actually engaged in a discussion with the association two years ago regarding its idea to enter the domestic credit card industry.

    “However, we haven’t heard any news from Lotte since then. As far as I know, the company started a partnership with Bank Negara Indonesia’s [BNI] credit card business,” he said on Friday, referring to the state-owned lender.

    Separately, BNI consumer banking director Anggoro Eko Cahyo said the bank had a partnership with Lotte Mart Indonesia through a co-branding credit card product called “BNI Lotte Mart Card”, which was launched in 2011.

    Bank Indonesia, which also supervises and regulates the country’s payment system, is yet to receive a report from Lotte Group on its plan to enter the domestic credit card market, Deputy Governor Ronald Waas said.

    “They are welcome, but we haven’t yet heard anything from them,” he said.

    As a potential new player in the credit card business in Indonesia, home to over 250 million people, Lotte still has an opportunity to penetrate the local market. There are currently only 16.9 million credit cards circulating in the country, Steve said.

    However, he said new players were expected to start venturing in non-traditional types of credit card market as existing issuers were largely concentrated in Jakarta and other big cities with similar customer profiles.

    “It would be better for new players to seek alternative customer profiling, such as micro and small and medium enterprise [MSME] segments. This will also help increase non-cash transactions in the country,” he said.

    The country saw 23.6 million credit card transactions worth Rp 22.1 trillion booked by 23 issuers in April, Bank Indonesia data shows.

    If its credit card operation in Indonesia is confirmed, Lotte will become the country’s second non-bank credit card issuer after AEON Credit Services, a consumer financing firm subsidiary of Japan’s conglomerate AEON Group.

    Despite the country’s credit card market being dominated by banks, Steve said non-bank credit card issuers still had good prospects as they owned captive markets amid a new global trend in which various multinational companies, such as airlines, had started to issue their own payment cards.

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  • JCB and Nets sign merchant acquiring deal in Singapore

    JCB and Nets sign merchant acquiring deal in Singapore

    JCB International Co., Ltd, (JCBI) the international operations subsidiary of JCB Co., Ltd., and Network For Electronic Transfers (Singapore) Pte Ltd (NETS) today announced a new partnership to accept JCB cards in Singapore.

    Receiving an average of 15 million visitors annually and with Singapore Changi Airport operating as a regional aviation hub for over 100 airlines that fly to over 300 cities, Singapore is undoubtedly a key destination for global travellers. In particular, there has been a notable increase in tourism arrivals from Asia and India due to the greater affordability of air travel.As JCBI builds its momentum in developing its issuing business in Asia, more emphasis will be placed on increasing its presence in Singapore through this strategic partnership with NETS. NETS is Singapore’s leading payment solutions provider and the largest acquirer with a merchant network of 91,000 acceptance points.

    This latest collaboration between JCBI and NETS will facilitate local and global issued JCB cards with more acceptance points for card usage, thereby aligning with the Singapore government’s vision of a Smart Financial Centre where the usage of cash and cheques are reduced.

    Jeffrey Goh, CEO of NETS said: “This strategic partnership aligns both NETS and JCBI’s interests to deliver greater benefits to Singapore merchants. With our latest offering, Unified POS, which is a single terminal that accepts different types of payments, our merchants will be able to offer more payment options as they tap on a sizeable pool of JCB cardmembers and the significant number of Japanese tourists in Singapore.”

    Vincent Ling, Managing Director of JCB International Asia Pacific Pte Ltd commented: “As Singapore continues to be a key tourist destination in Asia Pacific, a stronger JCB card acceptance will bring about enhanced conveniences to JCB cardmembers. JCBI is pleased to collaborate with NETS and we look forward to working closely together to serve our cardmembers, merchants and business partners better.”