19 August 2019

Tencent, Alibaba tie up with CITIC for virtual cards, paper says

Alibaba Group unit Alipay and Tencent Holdings Ltd. (00700.HK) said on Tuesday that they will cooperate with China CITIC Bank Corp. Ltd. (00998.HK, 601998.CN) in virtual credit cards, China Securities Journal reported Wednesday. Alipay said the credit cards will be available from next week in its e-wallet. About a million cards will be issued initially, with 200 yuan (US$32.6) credit limit on each card, which could be raised later based on users’ credit and consumption records. Meanwhile, Tencent said its credit card product is under testing and that it will be offered soon. One million cards will be issued initially that can be used through Weixin Payment system, the report said.

– Contact HKEJ at [email protected]



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