DUBLIN, April 15, 2020 /PRNewswire/ -- The "COVID-19 Impact on the Payments Industry: China Forecast Snapshot" report has been added to ResearchAndMarkets.com's offering.
This report focuses on the impact of the coronavirus (COVID-19) outbreak on both the economyand the cards and payments industry in China.
Based on proprietary datasets, the snapshot provides a detailed comparison between pre-COVID-19 forecasts and revised forecasts of total payment card, debit card, and credit and charge card transactions by value and volume. It also offers information on measures taken by the government to combat coronavirus.
Fears surrounding the impact of COVID-19 have already significantly hampered the global economy, with key markets across the globe losing 20-50% of their value year-to-date. Many economists and institutions have cut their forecasts, with consensus global GDP growth currently at 2.6% for 2020 and many experts predicting the potential onset of recessionary environments.
A similar trend is expected in China as well, as economic growth in China is expected to register a dip in the first quarter of 2020 and will decline further if this disease is not controlled at the earliest. The real GDP growth rate for China for 2020 is expected to decelerate. The decline will have an adverse impact on all sectors including banking and payments.
- China, being at the epicenter of the outbreak, was the worst hit so far with overall, 81,782 confirmed cases.
- The overall decline in consumer spending in China will partially be offset by a rise in online spending.
- Consumers will shift from cash-based payments to digital payment tools, particularly non-contact tools (mostly mobile wallets in the Chinese market).
Reasons to Buy
- Make strategic decisions using top-level revised forecast data on the Chinese payment industry.
- Understand the key market trends, challenges, and opportunities in the Chinese cards and payments industry.
- Receive a comprehensive insight into payments market in China.
Key Topics Covered
- COVID-19 Impact Assessment
- Total Payments Cards: Market Sizing & Forecasts
- Debit Cards: Market Sizing & Forecasts
- Credit & Charge Cards: Market Sizing & Forecasts
For more information about this report visit https://www.researchandmarkets.com/r/vhxxas
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SOURCE Research and Markets