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PBOC to Issue Yinlian Card
A credit card named Yinlian will be issued by the People's Bank of China, which is similar to VISA card, and with the issuance of Yinlian, all other banking cards issued by commercial banks will enable users to withdraw money, conduct transaction and settlement on any ATM.
��Although China has issued 300 million banking cards, yet these still fail to meet people's demand for a wide use of credit cards. So far, card consumption takes only 1 percent among others as designated shops allowing customers to use banking cards make up no more than 3 percent of the total in China. This is to say 97 percent of shops needs people to pay by cash, said Han Weiqiang, vice president of Master Card (China) Company.
��The Chinese government has appointed several banks to issue banking cards, but the problem is that not every shop would like to accept the idea to use card because most shops do not like to pay procedure fees, let alone added spending on electronic machines. Mr. Han said that among China's 14 million shops only 380,000 are shops designated for using banking cards and are at a level only about 15 percent of world average, that is to say, China needs another 1.7 million shops to use banking cards. Mr. Han said that government authorities can use various ways to improve current condition, for example, to improve people's card using awareness by way of rewarding small gifts. Government can also order shops with a turnover at a designated level to accept use of credit cards.
By PD Online Staff Member Li Yan
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