HSBC has launched a digital credit card in mainland China as part of its efforts to bolster its retail banking and wealth management business in the country.
This is the first such launch by a foreign lender in China.
Customers can secure the HSBC digital credit card by applying online through their smartphone. Subsequently, they can activate the card and unlock the details with facial recognition technology.
Once the authentication process is complete, they can view the card data through HSBC mobile app or WeChat Banking service.
The digital card comes with the same privileges as those offered by physical credit cards. The customers can also use the digital version to add online payment tools including HSBC QR code payment, UnionPay, Alipay and WeChat Pay.
HSBC EVP and head of Retail Banking and Wealth Management Richard Li said: “We launch our new digital credit cards as we celebrate over one million credit cards in mainland China, showing that we are focused on delivering innovative solutions and distinct customer experiences to grow our business here.
“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.”
In China, HSBC operates around 170 outlets across more than 50 cities. It is also one of the first foreign lenders to locally incorporate its operations in the country by setting up HSBC Bank (China) Company in April 2007.