The Development Trend of Payment Industry
By CCP Committee
The report from the People’s Bank of China revealed that by the end of the third quarter of 2017, the number of bank cards in use nationwide amounted to 6.518 billion, of which 5.966 billion were debit cards, and 552 million were credit and debit cards. There were 4.71 bank cards per capita, of which 0.36 were credit cards. Additionally, the bank’ s new credit card has increased by 90 million, a 19% increase compared with 2016.
At the same time, UnionPay's online transactions entered a record high, reaching 679 billion yuan during Spring Festival. And on the New Year's Eve, the network processing capacity exceeded 100 million, setting a new record!
Not only that, there were 2,453,500 connected POS machines at the end of 2016. By the third quarter of 2017, the number had climbed to 3,099,760,000, and 6.5 million POS machines were added in 9 months, an increase of 26%. Notably, only 1.714 million POS machines were added in 2016.
Although the current payment industry has reached a certain degree of white-hot, it is far from reaching saturation. According to the data of China's card issuance and usage, there is still a great room for its development!
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