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| SARS outbreak boosting bank card business in China |
| CCTV.COM 2003-06-06 17:06:25 |
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The long listless bank card business in China has reported an unexpected boom since the outbreak of severe acute respiratory syndrome （SARS）.
Shanghai, the largest metropolis and financial hub in east China, has registered a daily volume of 56,000 point－of－sale （POS） transactions since April 1, over 20,000 more than the same period last year, according to China UnionPay Co., Ltd., Shanghai branch.
Thanks to the shift in consumption habits, the number of bank cards issued on the Chinese mainland, including those by foreign companies, has been rapidly increasing.
Visa International cards issued on the mainland numbered more than 100,000 in the first quarter, setting a record for the world famous credit card issuer.
To grasp the business opportunities brought about by the disease, commercial banks have customized their bank card services.
The Industrial and Commercial Bank of China Shanghai Branch donated 200 state－of－the－art POS machines, which were tailored to both bank cards and checks, to all the designated SARS hospitals in Shanghai.
The China Minsheng Banking Corp. has lowered service charges for deposits through automatic teller machines outside Shanghai.
The Everbright Bank of China has organized an art competition for card holders below the age of 16 in Shanghai, while the Bank of Communications has decided to offer special gift－based cards to woo newly married couples.
To provide easier access to bank cards, some commercial banks have adopted new ways of card issuance, including through the Internet and by telephone.
In tandem with the fast growth in bank card issuance, China UnionPay Co., Ltd., a Shanghai－based national payment network jointly run by a number of Chinese banks, has improved the payment network and organized publicity in different areas to publicize POS－based consumption.
Trans－regional bank card services are now available in 300 major cities across China.
China recorded 89.23 million cross－bank card deals in April, or 24.68 billion yuan （2.97 billion US dollars） worth, up 102 percent and 102.67 percent respectively year－on－year, according to the latest statistics provided by China UnionPay Co., Ltd..
By the end of this year, the bank card payment system will cover all prefecture－level cities in China, said officials with the People's Bank of China.
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Editor: Yang Feiyang Source:Xinhua
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