Industrial and Commercial Bank of China (ICBC), Union Mobile Pay (UMPay) and American Express have launched ICBC Mobile Payment American Express Card, a dual-currency credit card with mobile account payment capabilities and features, in Beijing. The card combines the credit card platform of ICBC, the mobile e-commerce services of UMPay and the global merchant network, and marketing resources of American Express.
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, cardmembers can select merchants accepting mobile payments from their mobile phones, and authorize 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. Cardmembers 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.
Luan Jian Sheng, president and head of card center at ICBC, said: “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.”
Kula Kulendran, EVP and head of global network services at American Express in Japan, Asia Pacific and Australia, said: “The launch of this new Card marks a new milestone for American Express in China. It will bring a new transaction channel, a new marketing tool and, ultimately, all new potential for the business growth of merchants throughout China. We look forward to a long-term, successful partnership.”
Zhang Bin, GM of UMPay, said: “With mobile handset users in China fast approaching 700m, mobile e-commerce has been a growing consumer need and market trend in China. Convenient, prompt, and reliable mobile payment is a pre-requisite for the development of mobile e-commerce. UMPay has market leading infrastructure and know-how in China’s mobile e-commerce market.
“We fully expect the new ICBC Mobile Payment American Express Card to play an important role in the country’s mobile payment and e-commerce markets.”
