Bloomberg 23 Apr 2013 07:57
SWAP.....
http://www.bloomberg.com/video/credit-card-spending-is-on-the-rise-in-china-ling-2TqR4grhTomQOnrmD94VsA.html
http://www.bloomberg.com/news/2012-12-11/china-s-unionpay-vies-with-visa-for-global-card-dominance.html
“It’s very convenient that I can now use my UnionPay card” to shop abroad instead of carrying a stack of cash, said the 39-year-old, who was buying the same 1,190-pound ($1,920) Prada Saffiano Lux handbag carried by the hit woman in the “Mission: Impossible -- Ghost Protocol” movie. “I hope more places abroad will accept UnionPay.”
Card Circulation
China’s consumer lending has grown at an average 29 percent annually from 2005 to 2010 and it’s expected to increase at 24 percent a year through 2015, according to an August 2011 Boston Consulting Group report. Receivables from credit cards, which were broadly introduced to retail customers only in the early 2000s, could rise 40 percent annually to reach 2.5 trillion yuan in 2015, according to the report.
China will overtake the U.S. as the largest market for credit cards by 2020, with about 900 million cards in circulation, MasterCard said in 2010. Credit cards featuring UnionPay numbered 285 million and debit cards totaled 2.7 billion as of 2011, according to the Nilson Report.
Chinese tourists are fueling UnionPay’s growth overseas. On Paris’s Boulevard Haussmann, the cards are welcomed by retailers from Galeries Lafayette to Printemps.
France expects as many as 5 million Chinese tourists within five years, or about 700,000 annually, according to a report by its tourist development agency and consulting firm Roland Berger. Chinese tourists typically spend about 3,100 euros ($4,000) per household on shopping in Europe, the report shows.
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