China’s bank card transactions soar 87 pct in 2015

MOFCOM. China’s bank card market continued to expand rapidly, withtransaction volume soaring 86.9 percent year on year in 2015, the latest data showed.

Bank card transactions hit 1,420.8 trillion yuan (214 trillion U.S. dollars) last year,according to a report released by the China Banking Association.

Chinese banks issued 640 million new cards in 2015, bringing the total to 5.6 billion, ormore than four cards per person, the report said.

While the industry continued to grow, potential credit risks remained low. Outstandingloans on credit cards overdue for half a year or longer reached 38 billion yuan, up 6.3percent year on year, compared with a 42-percent increase a year earlier.

Online payment and new technology have provided opportunities of growth for the bankcard industry, but banks should improve risk control as new business models emerge, saidHuang Runzhong, an official with the association.

 

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s