Credit card consumption grows in 2016


Bloomberg reports that the number of credit card consumers in the banking system increased by 5.8 percent in the first quarter of 2016.

A total of 4.2 million credit cards are registered in Mongolia, 1.9 million of which are being actively used. The report underlined that MNT credit card usage increased by 9.6 percent in the first quarter compared to the same period in 2015, and 73.4 percent of the MNT credit cards are being used in Ulaanbaatar, Darkhan-Uul Province, and Orkhon Province.

The report says that UnionPay card usage grew among international credit cards being used by local cardholders, as 11,240 new UnionPay cards were ordered in the first quarter of this year. The number of American Express cardholders went up by 4.1 percent in the first quarter of 2016. While a total of 1.4 million people hold Visa cards.