Card payments market in China to register 11% CAGR through 2023, says GlobalData


Source: globaldata.com globaldata.com

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Card payments market in China to register 11% CAGR through 2023, Banking Card payments in China have been on a sustained growth for the last few years. While the growth was somewhat affected by COVID-19 pandemic in 2020, it is forecasted to register a robust compound annual growth rate (CAGR) of 11% through 2023, An analysis of GlobalData’s Payment Cards Analytics reveals that card payments registered a CAGR of 19.8%, rising from CNY55.0 trillion (US$7.9 trillion) in 2015 to CNY113.3 trillion (US$16.3 trillion) in 2019. The COVID-19 pandemic affected card payments in 2020 and subsequently registered 7.1% annual growth. However,...