A Look At Bank Cards In China
The People's Daily Online reports on the rapid development of bank cards in China based upon comments made by Su Ning, Vice President of the People's Bank of China, at a press conference earlier this week.
He reported that by the end of 2005, Chinese banks had issued 960 million bank cards. About 20 countries and regions around the world accept China UnionPay (CUP) bankcards. It is learnt from the press conference that by the end of 2005, China had 175 issuers of bank cards. About 390,000 stores and merchants accept CUP cards. There are 610,000 POS machines and 80,000 ATM machines in China.According to Su, China expects 60% of the stores with annual turnover over one million yuan and 25% of those with turnover less than one million yuan to accept CUP bank cards by 2008. Around 30% of the transactions in large and medium cities and 10% of the transactions in medium and small cities are expected to be settled via bank cards.
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