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China’s cross-border bank card transaction up 27.3% in 2014
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CHINESE bank card holders' cross-bank transaction in the past year surged 27.3 percent to reach 41.1 trillion yuan (US$6.6 trillion) with China UnionPay continuing expanding its network in domestic and overseas markets.
By the end of last year, UnionPay, the country's sole bankcard transaction firm, has reached partnership with more than 13 million overseas vendors in 150 countries to allow convening payment, as Chinese consumers’ overseas expenditure has been picking up steadily.
More than 1.2 million of ATM machines at these countries can now accept UnionPay cards for drawing cash, UnionPay said in a statement today.
Supermarkets, gas stations and department stores are among the top spending destinations of bank card owners. Real estate transaction size went down for the fourth consecutive quarter due to purchasing limits and unfavorable macroeconomic conditions, but signs of recovery emerged in the fourth quarter last year.
The number of domestic merchants covered by UnionPay's transaction network also climbed 58 percent last year.
Transaction size of UnionPay's integrated circuit card, a more advanced and secure form of bank card compared to the original magnetic strip cards, added nearly 4 times from that of last year to 6.2 trillion yuan.
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