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Alipay and CITIC Bank launching online virtual credit card
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ALIPAY, the third-party payment unit of Internet giant Alibaba Group, has joined hands with China CITIC Bank to launch the first online virtual credit card next week.
It’s Alipay’s latest move to entice its 300 million real-name, authenticated users to make more online payments through its platform.
Beijing-based China CITIC Bank will issue 1 million virtual credit cards for the first batch. The card will have a minimum monthly credit limit of 200 yuan (US$32.60), which can be gradually increased according to the users’ online shopping and payment records with Alibaba, the e-commerce group said in an emailed statement today.
Application and approval of the card will be done on Alipay’s platform in real-time. Unlike a physical credit card, the virtual card can only be used via Alipay for online payments at the moment.
Alipay said it is open to working with other banks in the future. Issuing virtual cards is cheaper than traditional cards, analysts said. It costs banks around 80 yuan to 100 yuan to issue one physical credit card.
Hill Ferguson, global product vice president at Paypal Inc, said earlier that physical credit cards could be a payment relic by 2018, with digital variations of credit cards becoming the norm, according to The Australian newspaper.
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