China’s credit and charge payments market to grow by 2.4% in 2025: GlobalData

Payment frequency for these cards stood at 55.3 times in 2025.

China’s credit and charge card payments market is expected to register a growth of 2.4%, potentially reaching CNY38.4t ($5.3t) in 2025, according to a forecast by data and analytics firm GlobalData.

This growth comes after the market’s sluggish performance in the past two years and despite evolving global economic challenges.

According to GlobalData, the growth will be driven by rising consumer spending and the increasing preference of consumers for cashless transactions.

The market is set to maintain an upward trajectory with the support of enhanced value-added incentives, including cashback offers, flexible repayment options, and instalment facilities.

GlobalData’s Payment Card Analytics reveals that the value of credit and charge card payments in China declined by 7.7% in 2024, due to challenges such as high inflation, geopolitical uncertainties, and the trade tariff dispute with the US.

“Despite lower penetration than debit cards, credit and charge cards are highly preferred for payments. Payment frequency for these cards stands at 55.3 times a year in 2025—much higher than the equivalent figure for debit cards,” Kartik Challa, Senior Banking and Payments Analyst at GlobalData, said.

Challa added that credit and charge card payment frequency is set to increase to 79 transactions per card in 2029.

“With the expansion of the middle-class workforce, increasing incomes, and heightened awareness of credit card benefits—fuelled by banks’ promotional campaigns—the adoption and utilisation of credit cards are on the rise,” Challa said.