China's bank card transactions soar 87% in 2015

BEIJING - China's bank card market continued to expand rapidly, with transaction volume soaring 86.9 percent year on year in 2015, the latest data showed.

Bank card transactions hit 1,420.8 trillion yuan ($214 trillion) last year, according to a report released by the China Banking Association.

Chinese banks issued 640 million new cards in 2015, bringing the total to 5.6 billion, or more than four cards per person, the report said.

While the industry continued to grow, potential credit risks remained low. Outstanding loans on credit cards overdue for half a year or longer reached 38 billion yuan, up 6.3 percent year on year, compared with a 42-percent increase a year earlier.

Online payment and new technology have provided opportunities of growth for the bank card industry, but banks should improve risk control as new business models emerge, said Huang Runzhong, an official with the association.