The number of debit cards in China has shown significant growth from 2013 to 2023, where it stood at 8.0112 billion units. From 2013 to 2017, the growth was robust with a CAGR of 13.67%, decelerating slightly to 8.55% by 2020. Over the last two years, this growth has moderated to 3.21% in 2023, showing the maturity of the market with a 5-year CAGR of 2.99%. Future trends indicate a steady increase with a forecasted CAGR of 2.11% up to 2028, suggesting that the market is approaching saturation.
Future trends to watch for include:
- The impact of mobile payments and digital wallets on the usage of debit cards.
- Regulatory changes affecting banking and payment systems.
- Rising consumer preference for contactless and online payment methods.