Research Notes
Jul 04
Credit card issuance and usage wane as digital and mobile payments increase in popularity.
Credit card issuance and usage wane as digital and mobile payments increase in popularity.
The People's Bank of China has established an integrated system to connect banks, merchants, and retailers to facilitate increased transactions, which grew 74.5% to $913.5 trillion in 2015. With growing consumer spending, financial institutions in China have to step up to meet the needs of retail clients.