CITIC Bank and Uber form part­ner­ship to is­sue co-branded credit cards

China Daily (Canada) - - BUSINESS - By BY JIANG XUEQING jiangx­ue­qing@chi­nadaily.com.cn

China CITIC Bank Corp Ltd and Uber Tech­nolo­gies Inc an­nounced the launch of a co-branded credit card on Wed­nes­day, tak­ing the first step to­ward a strate­gic part­ner­ship glob­ally.

Emil Michael, chief busi­ness of­fi­cer of Uber, said CITIC Bank is their first part­ner glob­ally to launch a co-branded credit card.

“CITIC Bank shares our com­mit­ment to in­no­va­tion and to de­liv­er­ing the best pos­si­ble cus­tomer ser­vice. They share our en­tre­pre­neur­ial drive, and they are in­no­va­tors in the in­ter­net bank­ing in­dus­try,” he said.

CITIC Bank cus­tomers can earn free Uber rides and cash­back re­wards by us­ing a Uber-CITIC credit card to pay for the rides. Soon it will be pos­si­ble for Uber driv­ers to ac­cess CITIC Bank fund­ing or up­grade their car, he said.

Be­fore its co­op­er­a­tion with Uber, CITIC Bank has ex­plored ways to ex­pand and in­te­grate on­line-off­line busi­ness through part­ner­ship with sev­eral lead­ing in­ter­net com­pa­nies. Guo Danghuai, vice-president of the bank, said CITIC Bank has jointly is­sued more than 3 mil­lion credit cards with the three largest Chi­nese in­ter­net com­pa­nies, namely Baidu Inc, Alibaba GroupHold­ing Ltd and Ten­cen­tHold­ings Ltd.

Last year, the mid-sized com­mer­cial lender launched a co-branded credit card with the fi­nance arm of JD.com Inc, China’s se­cond-largest on­line re­tailer. Mainly tar­get­ing young cus­tomers born af­ter 1990, the card al­lows its hold­ers to en­joy an in­ter­est free pe­riod for a max­i­mu­mof 80 days, in ad­di­tion to earn­ing re­ward points and spe­cial of­fers.

More Chi­nese banks are step­ping to buy up co­op­er­a­tion with in­ter­net com­pa­nies to ac­quire new­clients on­line, im­prove pre­ci­sion mar­ket­ing so­lu­tions, find new busi­ness mod­els, as com­pe­ti­tion in pay­ment ser­vices has greatly in­ten­si­fied with the par­tic­i­pa­tion of large in­ter­net com­pa­nies.

Ear­lier this year, China Mer­chants Bank Co Ltd an­nounced a strate­gic co­op­er­a­tion with Chi­nese ride-hail­ing ser­vice gi­ant Didi Chux­ing in var­i­ous as­pects, in­clud­ing pay­ment, fi­nance and mar­ket­ing. Didi Chux­ing cus­tomers are al­lowed to pay for rides via an in­stant on­line pay­ment ser­vice pro­vided by the bank.

Dur­ing the first quar­ter of 2016, the growth of pay­ments us­ing credit cards for most banks was much faster than the in­crease in their num­ber of cards is­sued, said a re­port pub­lished by GEO Tech­nolo­gies Ltd, a Bei­jing-based big data so­lu­tion provider.

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