CITIC Bank and Uber to Launch Co-Branded Credit Card in a Strategic Partnership
CITIC Bank Corp. and Uber Technologies Inc. recently announced their partnership in launching a co-branded credit card and taking the first step in a strategic partnership globally. According to chief business officer of Uber Emil Micheal, CITIC Bank is the first partner of the company in launching a co-branded credit card globally.
He said that CITIC Bank shares the commitment of the company in driving innovation and to deliver the best customer services as they both share the sane entrepreneurial drive and are innovators in the internet banking industry. CITIC Bank customers can earn free rides fro Uber and cash back rewards by using their Uber-CITIC credit card when paying for their rides and it will be possible soon for Uber drivers to access the CITIC bank funding to purchase or upgrade their cars. before the cooperation with Uber, CITIC explored several ways in expanding and integrate online and offline business through partnerships with leading internet companies. As the bank jointly issued more than 3 million credit cards with three of the largest Chinese Internet Companies, Baidu Inc., Tencent Holdings Ltd. and Alibaba Group Holdings.
Last year, mid sized commercial lender also launched a co-branded credit card under the financing arm if JD.com which targeted younger customers allowing them to enjoy an interest free period for a maximum of 80 days, plus the capability of earning reward points ans special offers. Chinese banks are stepping up cooperation with internet companies in acquiring new clients online and improve precision marketing solutions, look for new business models as competition for payment services has intensified with the participation of big internet companies.
Earlier, China Merchants Bank announced a strategic cooperation with ride hailing app Didi Chuxing in different aspects from payment, marketing and finance. Didi customers are allowed to pay using an instant online payment service that is provided by the bank. For the first quarter of 2016, growth on credit card payments from most banks were faster than the increase in the number of cards issued.