ICBC, UMpay and AmEx Launch Dual-currency Mobile Payment Credit Card
The Industrial and Commercial Bank of China (ICBC), Union Mobile Pay (UMPay) and American Express have launched the ICBC Mobile Payment American Express Card, China’s first dual-currency credit card with mobile account payment capabilities and features. The new card leverages the ‘anywhere-and-anytime’ advantages of mobile phones and the payment advantages of credit cards to provide consumers with secure, convenient, and flexible online, offline, and mobile payment options.
After designating their mobile phone number to their credit card account and activating their mobile payment function, card members can select merchants accepting mobile payments from their mobile phones, and authorise their payments for digital downloads, utilities, and other online and offline goods. The transactions will be automatically charged to their ICBC Mobile Payment American Express Card accounts. Card members can choose to settle their charges in either US dollar or renminbi, and they don’t have to pay those charges until they receive their credit card statement.
“ICBC is the biggest commercial bank in China, and we continue to reinvent our products and services to meet the changing needs of our customers,” said Luan Jian Sheng, president and head of card centre from ICBC. “By integrating the respective advantages of ICBC, American Express and UMPay, we are able to bring our success in the credit card business to new heights by providing advanced and more convenient payment products to consumers in China.” The card combines the credit card platform of ICBC, the mobile e-commerce services of UMPay, and the merchant network and marketing resources of American Express.