China Banking Association Reports 69.9% Increase in Credit Card Transactions for 2009 (V, MA, AXP, DFS)

According to a release from the China Banking Association today, and highlighted on ChinDaily.com, credit card transaction in China for 2009 were up 69.9% from 2008. Additionally, China has issued 186 million credit cards through 2009, an increase of 30.37% from 2009.

Credit card transactions accounted for about 11.2% of total social retail sales in 2009.

Finally, the report highlighted that China had $765.30 million in bad credit card loans at the end of 2009, up 78.68% from 2008.

The President of the Credit Card Center of China Minsheng Banking Corp. Ltd. and an official with the China Banking Association also noted that the industry is currently taking measures against the risks of using credit cards too much, as current rules, laws, and procedures in place now are not likely to be adjusted in the near-term.

As China continues to embrace the use of credit cards in daily transactions, company's to watch include:

• Visa (NYSE: V);
  
  
• MasterCard (NYSE: MA);
  
  
• American Express (NYSE: AXP); and
  
  
• Discover Financial (NYSE: DFS).

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