China had issued 7.03 billion bank cards by the end of 2017, meaning each Chinese person has about 5 cards on average, according to a new industry report released by the China Banking Association. The total number was up 10.3 percent from a year earlier.
Last year, the number of transactions via bank cards rose 29.4 percent to 149 billion, with a total of 735 trillion yuan (about 113 trillion U.S. dollars) swiped from bank cards.
„Consumption via bank cards accounted for 48.7 percent in China’s total retail sales of consumer goods, rising for a fourth year, giving a strong boost to consumption growth and upgrades,” said Huang Runzhong, secretary general of the association.
Meanwhile, the ratio of live debit cards reversed the downward trend for two years to 66.2 percent in 2017.
That ratio of live credit cards rose to 73.1 percent last year, showing higher quality of the bank card industry, the report said.
Source: xinhuianet.com
Banking 4.0 – „how was the experience for you”
„So many people are coming here to Bucharest, people that I see and interact on linkedin and now I get the change to meet them in person. It was like being to the Football World Cup but this was the World Cup on linkedin in payments and open banking.”
Many more interesting quotes in the video below:
