News

Bankcard use continues to boom in China

September 6, 2005

BEIJING - The number of bankcards issued in China has reached 800 million, up from 380 million at the end of 2001, China Unionpay, the nation's bankcard union, announced in a Sept. 7 news release.

The total amount of consumption via cards in the country surged nearly four-fold in the four years from 2001 to 2004, from 128 billion yuan (U.S. $15.8 billion) to nearly 600 billion yuan (U.S. $74.1 billion).

Some 337,000 shops across China now accept bankcards, doubling the figure from the end of 2002. The number of connected POS terminals rose from 246,000 at the end of 2002 to 510,000 by the end of June this year.

By the end of June, China Unionpay cards also were accepted at nearly 18,000 shops abroad. The number of connected POS terminals and ATM machines abroad reached 23,000 and 8,000 respectively.

Also, 23 foreign financial organizations had joined the network of China Unionpay by the end of June, of which 11 had issued Unionpay cards.