ICBC, UMPay and American Express launch new mobile payment credit card in China

Commercial Bank of China, or ICBC, Union Mobile Pay and American Express have launched ICBC Mobile Payment American Express Card, a dual-currency credit card with mobile account payment capabilities and features, in Beijing, China.

The ICBC Mobile Payment American Express Card combines the credit card platform of ICBC, the mobile eCommerce services of Union Mobile Pay (UMPay), and the global merchant network and marketing resources of American Express.

After designating their mobile phone number to their credit card account and activating their mobile payment function, cardmembers can reportedly select merchants accepting mobile payments from their mobile phones, and authorize their payments for digital downloads, utilities, and other online and offline goods. The transactions will be automatically charged to their ICBC Mobile Payment American Express Card accounts.

Cardmembers can choose to settle their charges in either US dollar or renminbi and they do not have to pay those charges until they receive their credit card statement.

Kula Kulendran, American Express's executive vice president and head of global network services in Japan, Asia Pacific and Australia, said: "China has the largest mobile phone subscriber population in the world, and we are delighted to work with ICBC and UMPay to develop new mobile payment opportunities in this market.

"The launch of the new card marks a new milestone for American Express in China. It will bring a new transaction channel, a new marketing tool and, ultimately, all new potential for the business growth of merchants throughout China. We look forward to a long-term, successful partnership."

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