China bankcard holders more willing to spend
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As the construction of the bank card acceptance market progresses steadily, the transaction volume on bank cards has also increased swiftly. Statistics shows that 25.756 billion transactions have been conducted on bank cards in 2010, an increase of 30.8 percent year on year, 12.7 percentage points higher than that in the same period of last year. In 2010, the transaction volume on bank cards was as high as RMB 246.76 trillion Yuan, an increase of 48.7 percent year on year, the growth rate being 18.2 percentage points lower than that in the same period of last year. Of these transactions, 4.684 billion are cash deposit, with an amount of RMB 44.86 trillion Yuan, a year-on-year increase of 25.0 percent and 30.0 percent respectively; 11.787 billion are cash withdrawal, with an amount of RMB 50.98 trillion Yuan, an increase of 25.0 percent and 37.1 percent respectively; 4.849 billion are consumption, with an amount of RMB 10.43 trillion Yuan, an year-on-year increase of 38.9 percent and 52 percent respectively; and 4.436 billion are bank transfer, with an amount of 140.49 trillion Yuan, an year-on-year increase of 46.7 percent and 60.6 percent respectively.
According to statistics from the central bank of China, the average consumption amount of bank cards in China in 2010 was RMB 4,318 Yuan/card and RMB 2,151 Yuan/transaction, an increase of 30.0 percent and 9.5 percent respectively compared with that in 2009. There were 3.724 billion inter-bank consumption transactions in 2010, amounting to RMB 9.05 trillion Yuan, a year-on-year increase of 25.2 percent and 49.8 percent, and 76.8 percent and 86.7 percent of the total bankcard consumption volume respectively. Bankcard consumption plays a positive role in promoting the development of the retail market of consumer goods.
Uses of bankcard continue to broaden
In January of this year, China UnionPay announced a partnership with the Ministry of Railways to introduce the UnionPay cards ticket-purchase service. Passengers with a UnionPay card can buy tickets through POS terminals in the ticket booths or on self-service tickets vending machines in 256 railway stations of 8 railway bureaus including Beijing, Zhengzhou, Wuhan, Xi'an, Shanghai, Nanchang, Guangzhou, and Chengdu. This new business has played a rather important role in the Spring Festival transportation of this year, and was unanimously acclaimed by the passengers. Relevant personnel with China UnionPay suggested that, as the pilot project progressed and cooperation of all parties deepened, China UnionPay's application in the railway industry would continue to expand.
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