China Banking Association recently released a study “Chinese Credit Card Industry Development Blue Book 2009-2011” showing that total credit card transactions in 2011 totaled 7.56 trillion yuan (about USD 1.2 trillion).
There were about 290 million credit cards issued last year, up 24.3% from 2010.
Over three million merchants with over 4.8 million POS terminals accept payment by credit card last year.
The number of transactions totaled 2.85 billion in 2011.
