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China's card industry sees rapid growth

July 10, 2006

ePaynews:China's bank-card business is growing, with 175 card issuers dispensing 960 million cards by end-2005, and a 610,000 POS terminals and 80,000 ATMs in use. Card payments represent almost 10 percent of China's total retail sales, up from 2.1 percent in 2001. In China's largest cities, that total comes closer to between 30 percent and 50 percent. China's central bank is seeking to regulate the issuance and acceptance of bankcards to maximize growth. New cards must now bear the logo of China Unionpay, the national payments network.

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