There are 588 million active credit cards and (debit and credit) integrated cards in China as of December 31, 2017, an increase of 26.35% year-on-year according. 123 million of that were issued in 2017, each Chinese owns on average of 0.39 credit card, a 25.82% increase year-on-year.
Banks have been turning its credit card business from offline-only to online and offline integrated, with 51.63% applied online in 2017.
Credit card is not only one of the main channels to acquire new users but also a powerful driving force for traditional banks' transformation.
Industrial and Commercial Bank of China, China Construction Bank, and China Merchants Bank accumulatively issued over 100 million credit cards in 2017. Online shopping, entertainment, and financial management are the three primary focuses of credit card users.
Many banks have collaborated with internet platforms to make it available online, convenient for application, and automotive to be examined and approved.
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