Paying by bank cards rises 67% in 2009
By Zhang Fengming |
January 26, 2010, Tuesday
|
Print Edition
Print Edition
RISING domestic consumption and the popularity of using plastic to pay in lieu of cash have lifted bank card transactions by 66.8 percent in China last year, China UnionPay Co said yesterday.
The value of such transactions jumped to a record 7.7 trillion yuan (US$1.13 trillion) in 2009 and made bank cards the most popular non-cash payment channel, UnionPay, China's sole bank card clearing firm, said yesterday. The volume of bank card transactions rose 21.7 percent year on year to 6.94 billion last year.
"China's improving bank card facilities help bolster the use of plastic to push bank card transactions to a fresh high as cards gain more users," Shanghai-based UnionPay said.
The company, teaming up with commercial banks, accelerated the deployment of card-friendly facilities in smaller cities and rural areas of the country last year.
About 1.57 million merchants have accepted bank cards as the mode of payment by the end of 2009, a 33 percent jump from a year earlier. There was also a 30 percent rise in point of sale machines to 2.41 million. About 200,000 automatic teller machines were deployed nationwide by the end of December, up 18 percent from a year earlier.
By the end of 2009, UnionPay customers can use their cards in 83 countries and regions, including the United States, Britain and Singapore.
Banks in China have issued more than 2.08 billion bank cards, including 175 million credit cards, by the end of September last year, up 20.1 percent from a year ago.
The value of such transactions jumped to a record 7.7 trillion yuan (US$1.13 trillion) in 2009 and made bank cards the most popular non-cash payment channel, UnionPay, China's sole bank card clearing firm, said yesterday. The volume of bank card transactions rose 21.7 percent year on year to 6.94 billion last year.
"China's improving bank card facilities help bolster the use of plastic to push bank card transactions to a fresh high as cards gain more users," Shanghai-based UnionPay said.
The company, teaming up with commercial banks, accelerated the deployment of card-friendly facilities in smaller cities and rural areas of the country last year.
About 1.57 million merchants have accepted bank cards as the mode of payment by the end of 2009, a 33 percent jump from a year earlier. There was also a 30 percent rise in point of sale machines to 2.41 million. About 200,000 automatic teller machines were deployed nationwide by the end of December, up 18 percent from a year earlier.
By the end of 2009, UnionPay customers can use their cards in 83 countries and regions, including the United States, Britain and Singapore.
Banks in China have issued more than 2.08 billion bank cards, including 175 million credit cards, by the end of September last year, up 20.1 percent from a year ago.
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