2.4 billion bank cards issued in China

13:19, November 26, 2010      

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Chinese banks issued a total of 2.4 billion credit and debit cards across the country as of the end of the third quarter, an increase of about 15 percent from a year earlier, according to the "Overall Operation of the Payment System in Third Quarter of 2010." The per capita credit card ownership stands at 1.12 in Beijing and 1.05 in Shanghai, far higher than the national average of 0.17.

There has been a stable rise in the number of bank cards issued, but this year's growth rate was lower than that of a year earlier. The bank card service levels have improved considerably, with each ATM machine serving less than 10,000 cards.

Public awareness of bank card services has continually increased, and the amount and number of bank card consumption both surged. The bank card penetration rate hit 35 percent and bank card consumption has played a growing role in boosting domestic demand.

As of the end of the third quarter, a total of over nearly 2.4 billion bank cards were issued in China, up nearly 15 percent from last year, but the growth rate was 5.5 percentage points lower compared to the same period of last year. Meanwhile, the ratio of the number of debit cards to credit cards issued reached 9.75:1, lower than the ratio at the end of the second quarter.

The country's per capita bank card ownership, including debit cards, reached 1.78. The per capita credit card ownership reached 1.12 in Beijing and 1.05 in Shanghai, which is much higher than the national average of 0.17.

Bank cards are the most commonly used means of non-cash payment in China. As it is becoming more and more widely accepted in the country, the number of bank cards issued will grow steadily in the future, though more slowly.

By People's Daily Online


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