- First own-brand credit cards pioneer digital features for China’s fast-growing middle class
- Launch marks a key milestone in HSBC’s Pivot to Asia and Pearl River Delta strategy
HSBC in China today announced the launch of the Bank’s first credit cards in Mainland China – across all cities in the Pearl River Delta (PRD) and 30 cities (non-PRD) across the country, a milestone that will help expand its business in China, especially in the PRD as the HSBC Group accelerates investments in Asia. The launch of HSBC’s own-brand credit cards in China will broaden the range of products offered by its Retail Banking and Wealth Management business from current deposit, wealth and mortgage products to consumer finance. The Bank expects credit card business to significantly expand its customer base with new consumer segments.
Increased consumption power in China, the rise of online shopping and mobile payments and growing interest in entertainment and travel are providing significant opportunities for the credit card business in China, especially in the PRD, where these spending habits and behaviours are more pronounced. HSBC’s new credit cards have been designed to cater to three different customer needs that reflect the changing lifestyles and digital habits of target customers in China. In partnership with China UnionPay and Mastercard, HSBC unveils the following credit cards: HSBC Premier Travel Credit Card, HSBC Travel Credit Card and HSBC Choice Credit Card.
Helen Wong, Chief Executive, Greater China, HSBC says, “The launch of HSBC-branded credit cards demonstrates progress in our plan to grow a full-scale digitally-driven retail banking and wealth management business in the PRD. Just as credit cards are a pillar of HSBC’s market-leading business in Hong Kong, we expect credit cards to be a key touch point for us to attract new customers and deepen existing customer relationships in the PRD as well as in the rest of China. Launching cards at this time allows us to capture the vast growth opportunity that exists in the credit card market, and strengthen our position as the leading foreign bank in China.”
New digital features: first in the Group, catering to China’s tech-savvy consumers
HSBC China’s first credit cards are the first in Group to carry a full range of digital features that provide fast, simple, and secure digital experience including card application, activation, payments, reward and offers, and other servicing capabilities. Customers can apply for a credit card through a digital application process – via internet, mobile or sales tablet.
Customers can also enquire application status, activate their cards, manage their credit card accounts and access other services such as checking balances and conduct instalments through WeChat, in addition to HSBC’s mobile banking application and internet banking platform. Customers can also access to full range of offers and rewards with the mobile reward and offer platform – everything at your fingertips.
HSBC’s new credit cards will offer a cashless experience by offering a range of payment tools and repayment channels upon launch, including enabling online payment through Alipay express pay, China UnionPay Online payment and repayment, Lakala repayment. To keep pace with the changing digital banking needs of HSBC’s customers in China, more digital features and functionalities will be added later.
Richard Li, Executive Vice President and Head of Retail Banking and Wealth Management, HSBC China says, “With China’s ‘Internet +’ strategy and the rebalancing of the economy to consumption, we believe the consumer finance market in China offers bright prospects. The opportunities are ripe for the launch of credit cards that are attuned to the lifestyle needs and tech habits of China’s new consumers. We are also very happy that China can be the first market to debut the new global look of HSBC bank cards which shows the Group’s commitment to the China market. With our new credit cards, we aim to expand our customer base, reaching the fast growing middle class consumers in China, especially in the PRD, and grow these relationships by meeting their future banking, investments and insurance needs.”
