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CARDS & PAYMENTS | Cesar Tordesillas, China

China cross-bank card transactions hit record high in New Year

China's cross-bank card transaction surged 35 percent year-on-year to a record high during the three-day New Year holiday.


According to a national bank card network operator, domestic cross-bank card transaction value exceeded 130 billion yuan or US$ 20.6 billion from from Jan. 1 to Jan. 3, with most payments recorded in shopping malls, supermarkets and restaurants, said an official with China UnionPay.

During the three days, overseas card transactions rose 29 percent year-on-year, the official said.

Marked transaction growth was recorded in major overseas tourist destinations such as Taiwan, South Korean, Japan, Britain, France, Italy and the United Arab Emirates.

China UnionPay has sole responsibility for the Chinese mainland's bank card transactions and had extended its network to 117 overseas countries and regions as of December 2011.

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