BOC Hong Kong Launches Credit

Friday 30 April 2004 09:39 CET | News

Bank Of Chine (BOC) Hong Kong will start offering credit cards and ATM cards that use the Chinese currency, targeting the new services at Hong Kong people that travel frequently to mainland China.

BOC Hong Kong new cards will be connected to Chinas UnionPay network. The UnionPay system is used by 400,000 merchants and 50,000 ATMs on the mainland China. BOC Hong Kong yuan credit cards will be the first issued in Hong Kong since banks in the territory were allowed to offer some banking services in the Chinese currency on Feb. 25. Customers will be able to pay off their credit card balances with Chinese yuan they have on deposit with BOC Hong Kong, or through their regular Hong Kong dollar accounts. The Chinese government designated BOC Hong Kong the clearing bank for all yuan banking services in Hong Kong, and the bank has also been aggressively marketing its own retail banking offerings in the currency to local residents.

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Categories: Payments & Commerce | Payments General
Countries: World
This article is part of category

Payments & Commerce