Tourism fuels credit card industry growth
(China Daily)Updated: 2006-11-21 08:42
"Its industrial advantages help it to attract many foreign investors and tourists to the city," said Li.
"But a large gap still exists in some cities between the number of foreign-currency cards and renminbi-denominated ones."
According to the report, Visa International cardholders spent their money last year mostly on accommodation, shopping in department stores, and purchasing artwork and handicrafts.
Since 1986, Visa has been the sole authorized payment provider for the Olympic Games.
"The Olympic Games is a great business opportunity for local banks that issue credit cards, " said Li.
But the upcoming 2008 Beijing Games also present a number of problems.
Double-currency credit cards such as China Union Pay and Visa, which are popular in China, will not be able to bear the Olympic logo, according to Li.
"We are the only authorized payment provider with the International Olympic Committee, and the logo comes under intellectual property rights," Li said.
Visa chiefs are looking at ways to get around the problem, including printing Union Pay's logo on the back of new cards instead of the front.
Visa is also planning a stock market listing in the near future.
"We are now undergoing restructuring, and plan to be listed in the next 12 to 18 months, " said Li.
"After listing on the stock market, all our current members will become stockholders."
(China Daily 11/21/2006 page11)
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