Chinese banks will issue debit cards on the American Express network
American Express to issue first renminbi debit cards. Source: shutterstock.com
American Express has announced that its joint venture in China – Express (Hangzhou) Technology Service (“Express Company”) partnered with China Industrial Bank.
They will introduce two American Express-branded debit cards, the first debit products to support renminbi transactions on the American Express network.
Other Chinese issuers, such as China Merchants Bank, China CITIC Bank and China Guangfa Bank, will also launch American Express-branded debit products in the coming months.
According to the Payment System Report by the People’s Bank of China, at the end of Q1 2021, the number of bankcards in use rose to 9.03 billion, of which more than 91% are debit cards.
According to the press release, American Express is the first, and currently the only foreign payments network licensed to process renminbi transactions in China.
We’ve reported that nearly 70% of Americans would use retirement savings to pay for child’s college.
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