HSBC issues credit cards in mainland China
The bank’s first own-brand credit cards pioneer digital features for China’s fast-growing middle class.
The bank’s first own-brand credit cards pioneer digital features for China’s fast-growing middle class.
HSBC has launched the bank’s first credit cards in mainland China – across all cities in the Pearl River Delta (PRD) and 30 cities (non-PRD) across the country. The launch of HSBC’s own brand credit cards in China “will broaden the range of products offered by its retail banking and wealth management business from current deposit, wealth and mortgage products to consumer finance. The bank expects credit card business to significantly expand its customer base with new consumer segments.
The bank note that increased consumption power in China, the rise of online shopping and mobile payments and growing interest in entertainment and travel are providing significant opportunities for the credit card business in China, especially in the PRD, where these spending habits and behaviours are more pronounced. The credit cards “have been designed to cater to three different customer needs that reflect the changing lifestyles and digital habits of target customers in China.” In partnership with China UnionPay and Mastercard, the HSBC credit cards are: HSBC Premier Travel Credit Card, HSBC Travel Credit Card and HSBC Choice Credit Card.