News
CARDS & PAYMENTS | Staff Reporter, China
view(s)

China has over 7 billion bank cards in circulation in 2017

Each Chinese person has about 5 cards on average.

China had issued a total of 7.03 billion bank cards as of end-2017 which indicates that each Chinese person has about an average of 5 cards, according to a report by the China Banking Association.

Also read: China's payment giants try to conquer Asia's banking scene

This represents a figure 10.3% higher than last year’s, CBA was quoted in state news agency Xinhua.

The number of transactions via bank cards also surged 29.4% YoY to 149 billion in 2017, with a total of $111.43t (735t yuan) swiped from bank cards.

Also read: Chinese banks thrive on mobile payments as millennials drive cashless push

"Consumption via bank cards accounted for 48.7% in China's total retail sales of consumer goods, rising for a fourth year, giving a strong boost to consumption growth and upgrades," Huang Runzhong, secretary general of the association told Xinhua.

Do you know more about this story? Contact us anonymously through this link.

Click here to learn about advertising, content sponsorship, events & rountables, custom media solutions, whitepaper writing, sales leads or eDM opportunities with us.

To get a media kit and information on advertising or sponsoring click here.