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October 10, 2009

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Bank card spending rises 37%

A CONSUMPTION boom swelled bank card transactions on China's mainland by 36.7 percent during the longest-ever National Day holiday from last year, China UnionPay Co said yesterday.

Transactions using bank cards totaled 133.4 billion yuan (US$19.5 billion) over the eight-day holiday as consumers spent on jewelry, autos and entertainment, said UnionPay, China's sole bank card system.

Credit card-based transactions rose to 35.69 billion yuan during the holiday, with daily average transaction jumping 33 percent year on year.

"The popularity of credit cards helped boost domestic demand and economic development," said Shanghai-based UnionPay.

Bank card spending in central and west China accounted for 35 percent of the mainland's total, a 4.4-percent rise over the contribution during the May Day holiday.

The consumption boom was also noticed in Hong Kong, Macau and Taiwan when overseas bank card transactions soared 81.5 percent during the holiday.


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