The number of Chinese credit cards in circulation at the end of March reached 104.73 million, up 92.9% from a year ago, state media reported, citing a statement posted on the People’s Bank of China website. The transaction value on bank cards, which also includes the more commonly used debit cards, rose 58% year-on-year to US$118.5 billion. Debit cards still dominate the country’s bank card market, accounting for 93.4% of the market total. By the end of March, 203 institutions, including 168 domestic banks, had joined UnionPay, China’s sole interbank transfer network.
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