UnionPay says bank card usage increases 32%

Source: Xinhua | February 2, 2009, Monday |

Print Edition

CHINA'S bank card transactions rose 32 percent during the Spring Festival holiday from the same period a year ago, China UnionPay, a national bank card processor, announced yesterday.

UnionPay attributed the increase in card usage domestically to robust consumption despite the global financial crisis.

Consumers spent 38.84 billion yuan (US$5.68 billion) with their cards domestically in the most important Chinese traditional festival.

Card payments made up 14 percent of the 290 billion yuan in retail sales during the week-long break, which ended on Saturday.

Retail sales climbed 13.8 percent from a year ago.

Sales promotions and the wider acceptance of cards also helped boost the transactions, according to sources with UnionPay.

Transactions in less developed areas of central and west China doubled in the holiday due to wider acceptance there.

The company has extended its network to 26 countries and regions, where the cards are accepted by 125,000 outlets and 365,000 ATMs.

Finance

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UnionPay says bank card usage increases 32%

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