September 15, 2006 1:22 PM
Walmart To Enter China’s Credit Card Market
WSJ reports WSJ makes progress in launching credit card is the bigget city in China. Will it make a profit from the famous savers’ mentality out of Chinese?
Wal-Mart Stores Inc., the world’s largest retailer, will announce the launch of its first credit card in China on Saturday in conjunction with China’s Bank of Communications, according to bank officials.
The venture is likely the first credit card issued by a foreign retailer, according to analysts. It marks a milestone in China’s evolving consumer market, where less than 5% of the population has credit cards.
The Bank of Communications Pacific Wal-Mart credit card marks “a completely new cooperation between the finance and retail industry,” according to the Bank of Communications.
The card will initially be launched in six Wal-Mart outlets in Shanghai, Nanjing and Fuzhou, and “soon spread over the country,” said a bank official.
Wal-Mart officials confirmed the coming announcement, adding that the card is a regular credit card that will provide users special discounts at its stores. It will be a dual currency card that can be used outside of China.
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