| Citibank China Launches Renminbi Debit Card |
| August 6, 2008 Category: Cards |
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Citibank China has officially launched its first Unionpay Renminbi debit card to its retail customers in China. Two types of debit card are available now, a regular debit card for Citibank customers and a gold debit card for Citigold customers.
The Citi and CUP network provides Chinese customers access to more than 140,000 ATMs within China and 380,000 ATMs overseas in 45 countries. In addition, customers can also use the debit card with more than 1 million merchants within China and across 27 countries. In addition, Citi’s debit card is Mobile-banking ready. Citi China is the first international bank in China to offer mobile banking services via its Renminbi debit card. In practice, this will allow cardholders to use their mobile phones to conduct a range of transactions in connection with their debit cards. These include checking the debit card’s balance via the phone, and making payments for various purposes such as the purchase of various commodities, as well as water, electricity, gas and mobile phone payments. This service is immediately available in Shanghai, and will be rolled out in other cities at a later stage. It is offered in cooperation with CUP and the local mobile services providers, China Mobile and China Unicom. Citi China will waive all ATM transaction fees for Citi China Renminbi debit cardholders for various transactions in and outside of China before October 31, including account enquiries and cash withdrawals. Update: China UnionPay Data Services Co., Ltd. (CUP Data) has signed a multi-year agreement with Citibank China to process debit card transactions for the bank. CUP Data is a subsidiary of China UnionPay and TSYS owns a 44.5-percent equity stake in CUP Data. (2008-9-8) More News
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