China’s credit card industry is experiencing further restructuring, with several financial institutions closing specialised credit card centres and branches during 2026.

According to figures reported by Jiemian News and included in City News Service’s November 11 business roundup, 16 credit card centres and sub-branches had been approved for closure since the beginning of the year.

The closures involve several major financial institutions, including China Minsheng Bank, Ping An Bank and Hua Xia Bank. Bank of Guangzhou accounted for eight of the closures, including its head-office credit card centre, which shut down in July.

Central bank data also showed that the number of issued credit cards and debit-credit combination cards declined by approximately 10 million in the second quarter to 677 million.

The reduction reflects a changing financial services environment in which banks are reassessing the profitability of traditional credit card operations.

Digital payments, mobile banking and alternative consumer finance products have transformed the way many Chinese customers make purchases. These changes have reduced the need for some traditional card services while increasing competition among financial institutions.

Banks are also facing pressure to manage lending risks and improve the profitability of consumer finance operations.

The contraction does not necessarily indicate the disappearance of credit card services in China. Rather, it points to a restructuring of the industry as financial institutions adapt to changing consumer behaviour and competition from digital payment platforms.