American Express to issue first renminbi debit cards

Chinese banks will issue debit cards on the American Express network

American Express

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.

American Express has been investing to enhance our customers’ experiences around the world by expanding the range of services that we offer along with increasing our global reach. We’re pleased with the continued progress we’re making in China, where since last August we have launched more than fifty American Express-branded renminbi products through our bank partners, increased the number of merchants accepting our cards, and achieved an important milestone by enabling our network to support debit
Doug Buckminster, Vice Chairman and Group President of American Express’ Global Consumer Services Group

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.

Adding debit capabilities to our network is another example of our unwavering commitment to China. Working with our local partners and regulators, we have already delivered a series of industry-firsts in less than a year since our business launch; commercializing dual-app chip technology, debuting the American Express Red Card tailormade for the China market, and launching the first pet-related and the first parent-child benefit platforms. We will bring differentiated value to our partners and to the market by continuing to upgrade and enrich our unique offering of products and services
Walter Liu, Chief Executive Officer, Express Company

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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