Credit Cards Becoming More Popular In China

Beijing, China (AHN) - Credit cards are becoming more and more popular in China as consumers now prefer using "plastic" rather than paying in bundles of money, according to a survey.

According to the Nielsen Company, which on Sunday released its annual Personal Finance Monitor (PFM) on China, the use of credit cards has increased especially in key cities in the country.

The survey involved 11,500 consumers in 18 cities and found, at least in one city, that four out of ten people now have credit cards and that half of them have more than one card. Those consumers aged between 18 and 24 use their credit cards more often than in any other age bracket.

In an earlier report released by consultancy firm McKinsey, the number of credit cards in China now number to about 40 million in 2006, about double the number recorded in the previous year.