Citigroup Issues Own Card in China
Citigroup has become the first US bank in China to issue a credit card without co-branding from a local financial institution. Following the relaxation of government restrictions, the bank has released the card which will be accepted internationally and operate in both yean or dollars. China’s largest electronic payment network, China UnionPay will be handling domestic transactions while MasterCard and Visa will be working on transactions that take place abroad.
It is estimated that by 2020, there will be around 900 million cards in China, meaning that it will overtake the US as the largest market. Citigroup is investing heavily in emerging markets following a slump in its investment banking division and this month is opening its 50th retail branch in China. CEO Vikram Pandit has expressed plans to double the bank’s presence in the country over the next three years.
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