Wal-Mart Stores Inc., the world's biggest retailer, is set to launch its first credit-card in China in a venture with China's Bank of Communications.

The credit card will be a dual currency card that can be used anywhere and will provide special discounts at Wal-Mart stores in China, the report said, quoting Wal-Mart officials in China.

Investment bank China International Capital Corp. says China's potential card base, defined as urban residents with annual incomes of more than $5,000, is around 76 million. Card penetration, however, is just 0.48 percent of that group compared with more than one card per capita in Hong Kong, Taiwan and Japan.

The card will initially be launched in six Wal-Mart stores in Shanghai, Nanjing, Fuzhou, quoting an official at China's No. 5 lender Bank of Communications.

Global banking giant HSBC Holdings Plc. owns a nearly 20 percent stake in Bank of Communications.

Source:佚名