Credit card spending is expected to exceed the 5.5 trillion yuan mark this year, the highest in history

Chinese people are really good at brushing! The Financial Supervisory Commission announced today that cumulative credit card transactions in the first nine months of this year reached 4.2239 billion yuan, an increase of 541.3 billion yuan or 14.7% over the same period last year, setting a new high for the same period in history. China National Bank said bluntly that based on the current growth rate, it has the opportunity to challenge the 5.5 trillion yuan mark for the whole year. In addition, the amount of "non-cash payment transactions" this year reached 7.7 trillion yuan, and 77% of the annual target of 10 trillion yuan has been achieved. The Financial Supervisory Commission said that it is "confident that the target will be reached by the end of the year."

The Financial Supervisory Commission released the business information of credit cards, cash cards and electronic payment institutions in September this year. Wang Yunzhong, deputy director of the Banking Bureau, pointed out that first of all, the monthly credit card spending amount in September was approximately 460 billion yuan, an increase of 27.4 billion yuan from August, a monthly increase of approximately 6.3%, and an annual growth of 56.8 billion yuan, or 14.09%.

In this regard, Wang Yunzhong explained that the increase in card payment amount in September was mainly due to the anniversary celebrations of department stores, the launch of new iPhones, and the Mid-Autumn Festival holiday, which drove consumption of travel, catering, etc. With the growth of the domestic economy, and people gradually developing the habit of using credit cards to pay, these two factors continued to ferment, making the monthly payment amount in September hit a new high for the same period in the past, and repeatedly broke records. In particular, according to statistics, the cumulative amount of credit card transactions in the first three quarters of this year has reached 4.2239 billion yuan.

Secondly, the Financial Supervisory Commission has also set "two major goals". Between 2024 and 2026, the "number" of non-cash payment transactions will reach 8 billion and the "transaction amount" will reach 10 trillion yuan. Among them, reviewing the current specific results, the "number" of non-cash payment transactions in the first three quarters of this year was approximately 7.064 billion, and the "transaction amount" reached 7.7 trillion yuan, with achievement rates of 88.29% and 77% respectively.

In this regard, Wang Yunzhong said, "We are quite confident that we can achieve this goal." He said that because there are department store anniversaries or consecutive holiday periods ahead, consumption and shopping can be stimulated; in other words, regardless of the number or amount of transactions, there is an opportunity to achieve both.

As this year is coming to an end, will the Financial Supervisory Commission discuss the next three-year target for non-cash transactions? The Banking Bureau stated that this part needs to be further discussed and whether new goals or indicators should be set, which has not yet been finalized.