Millions of Chinese buying from overseas websites? MasterCard thinks so.
The market in China for virtual cards which are bank-issued one-time use cards that the Chinese can use to buy at foreign websites is “huge” according to Hai Ling, MasterCard’s Greater China President.
Fewer than a million cards are currently issued, but this market “is going to be in the millions easily in the next five years,” he said.
In other words, a boon for global e-commerce and Chinese consumers as millions of Chinese internet users can chose to buy either from domestic or overseas websites.
China’s online population is estimated at 469 million at the end of 2010 and is expected to rise to 718 million, or 53 percent of the population, by 2013 according to the Data Center for China Internet (DCCI).
China is also expected to be the world’s largest market for credit cards by 2020 with about 900 million cards in circulation, overtaking the U.S., MasterCard said.
photo credit: net-a-porter