ACCORDING to a latest survey by AC Nielsen, credit card (standard credit card and quasi credit card) markets in Beijing, Shanghai and Guangzhou have developed quickly.
Credit card penetration rate has increased from 18% last year to 22% this year. China is changing from “cash payment era” to “credit card era”.
AC Nielsen conducted the telephone survey on more than 2,700 people between 18 and 54 in Beijing, Shanghai and Guangzhou to study the attitude of China's different consumer groups on main personal financial products, such as personal bank, credit card, personal loan, life insurance and personal investment and how they are used.
This way the growth opportunity of personal financial market could be explored and reflected.
An analysis by age group shows the consumer group between 25 and 34 has the highest credit card possession rate, with people who have one or more credit cards reaching 35%.
Of the three cities Beijing has the highest penetration rate among the age group, about 39% have at least one credit card.
Among the many credit cards issued by Chinese and overseas banks, ICBC's (Industrial and Commercial Bank of China) Peony Card is the most popular, which enjoys a possession rate of 13%. CCB's (China Construction Bank) Long Card and BOC's (Bank of China) Great Wall Card follow with possession rates of 9% and 6% respectively. -- People's Daily.