Tourism fuels credit card industry growth
SHANGHAI: China's rapidly expanding credit card industry is being boosted by the country's growing popularity among tourists, according to a report by Visa International.
By 2020, the country is expected to become the world's leading tourist destination.
With more and more visitors to China, credit cards such as Visa are becoming increasingly common.
"From 2006 to 2010, overseas tourists' Visa card spending is expected to soar to US$250 billion on the Chinese mainland," said Li Sheng, vice-president of Visa Information System (Shanghai) Co Ltd.
Last year, overseas tourists spent 239 billion yuan (US$29 billion) on the Chinese mainland, up 13 per cent year-on-year. Of last year's total, 22 billion yuan (US$2.75 billion) was spent using Visa cards.
In the first half of 2006, the amount spent using Visa cards reached 11.76 billion yuan (US$1.38), up 4.1 per cent year-on-year.
By 2020, the country is expected to become the world's leading tourist destination.
With more and more visitors to China, credit cards such as Visa are becoming increasingly common.
"From 2006 to 2010, overseas tourists' Visa card spending is expected to soar to US$250 billion on the Chinese mainland," said Li Sheng, vice-president of Visa Information System (Shanghai) Co Ltd.
Last year, overseas tourists spent 239 billion yuan (US$29 billion) on the Chinese mainland, up 13 per cent year-on-year. Of last year's total, 22 billion yuan (US$2.75 billion) was spent using Visa cards.
In the first half of 2006, the amount spent using Visa cards reached 11.76 billion yuan (US$1.38), up 4.1 per cent year-on-year.
Read more at: Tourism fuels credit card industry growth
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