According to a GlobalData forecast, China’s credit and charge card payments market is projected to grow by 2.4% to CNY38.4 trillion (or $5.3 trillion) in 2025. This growth follows two years of slow performance and is attributed to increased consumer spending and a greater preference for cashless payments, despite ongoing global economic issues. The market is expected to continue its positive trend, supported by incentives like cashback, flexible repayment plans, and installment options.
GlobalData’s Payment Card Analytics indicates that the value of these payments dropped by 7.7% in 2024, a decline linked to high inflation, geopolitical tensions, and trade disputes with the US. Kartik Challa, a Senior Banking and Payments Analyst at GlobalData, noted that despite being less common than debit cards, credit and charge cards are used more frequently for payments, with an average of 55.3 transactions per year in 2025, a number that is predicted to rise to 79 by 2029. Challa also stated that the growing middle class, higher incomes, and promotional efforts by banks are contributing to the increased use and adoption of credit cards.
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