According to market research publisher Packaged Facts in Commercial Payment Cards: US and Global Market Trends, China will become the largest business travel market in the world by 2016.
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 USD 41 billion spent just six years earlier, according to some calculations.
Chinas payment network, China UnionPay, has grown more aggressive at providing cross-border and international services, which is a 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.
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.
Every day we send out a free e-mail with the most important headlines of the last 24 hours.
Subscribe now