At least five Chinese banks have issued more than 10 million credit cards, and eight more banks could reach that mark over the next four years, according to a report from Celent, a Boston-based financial research and consulting firm.
The banks that already have issued 10 million cards include Industrial and Commercial Bank of China, China Merchants Bank, China Construction Bank, the Bank of China and the Bank of Communications. Besides the eight banks expected to reach that mark, another 30 banks will have issued at least 1 million credit cards within four years, predicts the report “Credit Card Systems in China: Technology and Vendor Overview.”
Chinese banks have issued more than 142 million credit cards, with the number of cardholders exceeding 30 million. The annual growth rate for cards issued has reached 54%, the report says.
Though the credit card market in large Chinese cities such as Beijing and Shanghai is nearing saturation, “many second- and third-tier cities have yet to open up,” the report says. “Therefore, the market will still retain an average annual growth rate of 30%."
