The phenomenal growth of bankcard issuance (and banking in general) is one indication that Chinese consumers who grew up in a purely cash economy are open to adopting new methods of electronic payment. According to China UnionPay, the sole interbank fund transfer network and card issuer in China, about 1.8 billion bankcards had been issued by the end of 2008, up from 762 million in 2004. Included in this figure were 145 million credit cards, up from 90 million at the end of 2007.
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