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Travel Visa Card Issued by Banks
China Merchants Bank joined hands with the US-based Citibank Friday to promote new travel cards in China.
The new product, the Visa Travel Money (VTM) card, is a prepaid disposable card that allows travellers to withdraw cash in local currencies from the Visa automatic teller machine networks around the globe.
The card is now available in outlets of the China Merchants Bank in Shanghai, Beijing and Shenzhen, and will be issued in more than 20 major domestic cities starting from next year, bank sources said.
China Merchants Bank was the second domestic bank to issue a VTM card, the first being the Agricultural Bank of China. Citibank was the first bank to develop the card and issue it in other parts of the world.
In order to enter this global network, China's domestic banks need to co-operate with Citibank. Citibank first introduced the card to China a year ago through co-operation with the Agricultural Bank of China.
To catch up with the international level of banking services and competitiveness, domestic banks have flocked to tighten links with foreign banks before China's entry to the World Trade Organization next year.
Source: chindaily.com.cn
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