HSBC continues to expand its capabilities in mainland China with the latest launch of a digital credit card – the first foreign bank to do so.
The card will allow HSBC customers to access credit card information via the HSBC Mobile App or WeChat Banking service in addition to the same privileges and benefits as the plastic card.
The bank also leveraged facial recognition technology to allow easy activation of credit cards or unlocking of details. Mainstream online payment tools, such as Alipay, WeChat Pay and UnionPay, can also be added through the credit card.
We have invested in data analytics capabilities and AI-powered risk control systems to provide a digital credit card solution that caters to the spending needs of customers looking for ease, convenience, value and security, said Richard Li, EVP and head of retail banking and wealth management for HSBC in China.
HSBC continues to build momentum in mainland China, having also crossed the one million credit card issuance mark since it first began in late 2016. It had also recently launched its first onshore high net worth client center focusing on clients with a minimum account size of $1 million.