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Top credit card nation by 2020
By Maggie Zhang |
September 11, 2010, Saturday
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Print Edition
Print Edition
RISING urbanization in China is expected to help the country overtake the United States as the world's biggest credit card market by circulation by 2020, an industry research said yesterday.
China is expected to have 800 million to 900 million credit cards in circulation by 2020 to rank as the world's top credit card market, MasterCard Worldwide said in Shanghai.
The world's fastest growing major economy is expected to have 1.1 billion credit cards by 2025, up from estimates of 230 million cards this year.
"China is showing a big growth potential in urbanization for its card industry," said Chen Bin, client business leader of MasterCard Advisors in China.
The growing middle class in China is fueling the growth in the use of credit cards which are seen as a more convenient and safe payment vehicle. The government is also promoting credit card use as it switches from direct investment to domestic consumption to drive its economy.
China is expected to have 800 million to 900 million credit cards in circulation by 2020 to rank as the world's top credit card market, MasterCard Worldwide said in Shanghai.
The world's fastest growing major economy is expected to have 1.1 billion credit cards by 2025, up from estimates of 230 million cards this year.
"China is showing a big growth potential in urbanization for its card industry," said Chen Bin, client business leader of MasterCard Advisors in China.
The growing middle class in China is fueling the growth in the use of credit cards which are seen as a more convenient and safe payment vehicle. The government is also promoting credit card use as it switches from direct investment to domestic consumption to drive its economy.
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