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Q: Using credit cards
We've all seen the lack of credit card machines and general bank card culture here, but does anyone know why this is the case? I've heard before that Chinese people often don't trust banks and like to keep money in cash. Is this actually true or are there other reasons?
11 years 41 weeks ago in Money & Banking - China
To me, China is a society in rapid development. Their banking system skipped the checkin account type. when directly into credit and debit cards. Users must get accustom to them, their advantages and inconveniences, but given them a few yeras and they will be in full force, because they are a convenience.
Old folks mostly do not trust banks, and do keep theit money buried or hidden at home or surroundings.
Younger generations do use banks and debit cards a lot.
One probable reason is that dishonesty, malpractice and scams are so prevalent in Chinese society that a perception people can abuse the system still exists. So people distrust credit and debit cards whether merchants or customers. It is strange that even merchants who accept UnionPay Debit Cards sometimes refuse foreigners even though transfer of funds is instantaneous and approval will not be given unless the funds are available. Very odd in my opinion but must be borne out of a greater mistrust existing within Chinese trade and commerce.
I used my credits cards in china and they worked perfectly....not a problem that might concern me
I used my credits cards in china and they worked perfectly....not a problem that might concern me
you can bring your credit card you use in your country to china and send, receive, withdraw money without problem but you cannot make a credit card in china as a foreigner
