Credit card use is growing by leaps and bounds in China, with the number of credit cards having doubled every year since 2003, China Daily reported Monday.
According to a recent Nielsen report, China’s young, urban generation is driving the growth. Chinese consumers between the ages of 18 and 24 are the most active users of credit cards, a Nielsen survey of 11,500 Chinese consumers in 18 cities found.
With Chinese banks racing to issue credit cards, and overseas banks expected to join the fray, Chinese consumers will reap the rewards of healthy competition in the credit card market, Bega Ng, director of Financial Services Research, Nielsen, China, told China Daily.
“Consumers will benefit from increasingly intense competition among local and foreign banks, who are beefing up their promotional efforts to get their credit cards into the wallets of the millions of Chinese big spenders,” Ng predicted.