信用卡外币交易结算调整，人民币直接入账时代来临

Core Viewpoint - The recent adjustments by banks like Ping An Bank and China Merchants Bank to allow credit card foreign currency transactions to be settled directly in RMB represent a significant shift in the credit card settlement process, aiming to enhance payment experiences and find new growth opportunities amid a contracting credit card market [1][2][6]. Group 1: Changes in Credit Card Settlement - China Merchants Bank announced that starting October 28, some Mastercard cross-border transactions will be settled in RMB instead of USD, simplifying the conversion process [2]. - Ping An Bank also implemented a similar change on September 25, allowing customers to choose RMB or USD for foreign currency transactions, with a broader range of card types included [2][3]. - The new process reduces the transaction conversion steps from two (local currency to USD to RMB) to one (local currency to RMB), potentially lowering exchange losses and currency conversion fees for consumers [2][3]. Group 2: Market Context and Strategic Implications - The credit card market is experiencing a slowdown, with a reported decline in the total number of credit cards in circulation for 11 consecutive quarters, totaling a decrease of over 92 million cards in the past three years [6]. - Major banks have reported declines in credit card transaction volumes, with some banks seeing reductions in credit card consumption amounts by over 12% [6]. - The adjustments in currency settlement are viewed as a strategic move by banks to attract high-value customers and respond to the need for differentiation in a competitive market [6][7]. Group 3: Localization Strategy of Card Organizations - The changes are part of a broader localization strategy by card organizations like Mastercard, aiming to enhance their competitive position against UnionPay, which has advantages in direct RMB settlements for overseas transactions [3][4]. - The shift is seen as a systematic adjustment between card organizations and banks, with the ultimate goal of improving the payment experience for consumers while facilitating a business migration for card organizations in the Chinese market [3][4]. Group 4: Future Trends - Industry experts anticipate that more banks will follow suit in adjusting their currency settlement methods, although the pace will depend on collaboration with card organizations and regulatory guidance on RMB cross-border settlement policies [5]. - There are differing opinions on the future of credit card competition, with some suggesting a focus on "exchange rate competition" while others view these changes as part of the broader trend of RMB internationalization in payment settlements [7].