“In China there is a much higher proportion of the population with bank accounts in cities than in rural areas. IMS Research has forecast that this urban market will grow quickly. The attitude (particularly of the young) is that it is very easy to open a new account when required. In some aspects, accounts (and cards) are almost seen as commodity or disposable items. Having many bank accounts could be considered particular to China. It is also worth noting that some of these bank accounts are dormant. ” Tait continues, “It is also believed that where contactless payment and banking cards are used, they will be dual-interface cards.” “The growth of payment and banking cards in China is projected to happen over a much shorter timeframe than in many developed Western countries. This reflects the fact that change is mandated. Having the support of the government will also drive this initiative to mass rollout and acceptance. The projected growth of payment and banking smart cards is especially notable considering there were only 17.0 million cards shipped in 2010.” Background IMS Research is a leading independent supplier of market research and consultancy to the global electronics industry, offering syndicated market studies, bespoke research and consultancy services. Clients include most of the household names in the industry. IMS Research has offices in Europe, the US, China, Taiwan, Japan and South Korea. http://imsresearch.com