Chinese Banks Among World's Top 10 Credit Card Issuers

China’s ICBC and the China Merchants Bank are among the world’s top 10 credit card issuers, reports the Financial Times.


Citing a new research, by Lafferty, the Times notes that China’s ICBC is the highest ranking of the five fast-growing banks, with 54 million cards in issue, and is catching up fast with the world number one, JPMorgan, with 96 million cards.


The total value of credit card transactions globally fell 2% last year to US$4,487 billion, says the Times, quoting the report.


All big players, led by JPMorgan, Bank of America and HSBC, saw their card numbers fall sharply last year. BofA showed the steepest decline, with cards in issue in its home market down 29% to 54 million.


Although North America accounts for almost half of all global credit card transactions, about a quarter of all credit card purchases are Asia-based, says the Times.




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