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This Day, That Year: Jan 31

China Daily | Updated: 2019-04-08 16:03
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Editor's note: This year marks the 70th anniversary of the founding of New China.

The credit card industry has been developed rapidly in China, despite Bank of China issuing the country's first credit card on Jan 31, 1985.

An item on April 30, 2004, in China Daily showed the launch of Bank of China's renminbi credit card service in Hong Kong.

As of September, banks in China had issued about 659 million credit cards, a year-on-year rise of 3.36 percent, according to the People's Bank of China, the central bank. The figure indicates an average 0.47 cards per person, far below the 3.1 per capita in the United States.

In 2015, global bank card operators such as Visa and MasterCard were allowed to apply for licenses to clear domestic Chinese payments. Before, all renminbi payments had to be cleared through China UnionPay.

As consumers rapidly embrace the trend toward Western-style spending, mobile payment has become part of everyday life in China.

People can leave their homes without carrying cash or bank cards, but not smartphones. They can use digital wallet services when they shop, dine out, run errands or make donations.

As of June, China was home to 802 million internet users, and 566 million people made payments via mobile devices, the China Internet Network Information Center said.

Figures from Ant Financial, the parent of Alipay, show that the country's largest third-party payment tool had more than 700 million active users as of September, with 70 percent of them opting for Alipay's digital wallet services.

Mobile payment is also extending its reach into overseas markets. Now, tens of thousands of retailers in more than 40 countries and regions accept Alipay as a payment option, while 80 airports worldwide support instant VAT refunds on the platform.

In 2015, WeChat Pay announced plans to make its system fully accessible to retailers overseas.

This month, WeChat Pay teamed up with Le BHV Marais in Paris to help the renowned department store connect with the growing number of Chinese visitors.

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