BEIJING, Feb. 26 (Xinhuanet) -- While fuel prices go up in China, card transaction fees, or what is known as the swipe fee, go down by 20 percent on average from Monday. The move is likely to benefit both merchants and consumers.

Last year, China's inter-bank transaction volume hit 22 trillion yuan, or 3.5 trillion U.S. dollars, and the amount is expected to keep climbing.

The central bank's Payment and Settlement Department estimates the swipe fee cut to save merchants at least 10 billion yuan this year.

Of all the sectors, catering and entertainment industry will enjoy the biggest fee cut - of about 36 percent.

(Source: CNTV.cn)