China CITIC Bank Corp. Ltd. (00998.HK, 601998.CN) said its virtual credit cards have yet to hit the market and are continuing to undergo trials, China Securities Journal reported Monday. The cards are being offered in partnership with Alibaba Group and Tencent Holdings (00700.HK) which operate third-party payment platforms Alipay and Tenpay, respectively. The virtual cards will comply with regulatory requirements and risk control standards, the lender was quoted as saying. On March 14, the People’s Bank of China suspended all virtual credit cards and QR (quick response) code payment on mobile devices over security and risk concerns, the report said.
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