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| Subject: Re: ERG broader marekts in particular Asian reatil markets | |
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Author: Visa's moves in mainland China are of note also. |
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Date Posted: 17:06:22 02/04/03 Tue In reply to: market depth at 12:01 pm, 05 February 2003 's message, "Re: ERG" on 17:02:35 02/04/03 Tue geoffo (ID#: 41968) RE: For ERG Holders 5/2/03 9:11:37 AM 6001851 « Previous Message Next Message » a follow up on that. Visa's moves in mainland China are of note also. It does seem that technology based on ERG platform is finding a way into the broader, in particular, Asian retail markets. "Chinese Debit Cards Accepted In Hong Kong Cards International Feb 04 2003 : Over 2.5 million debit cardholders whose cards were issued in the Chinese city of Shenzhen are now able to use their cards to withdraw cash and make purchases in Hong Kong under a pilot launched last month. The project is backed by China UnionPay, the country’s bank network, its Hong Kong equivalent, Joint Electronic Teller Services (Jetco) and Electronic Payment Services (EPS), which is to act as merchant acquirer. Since Chinese visitors to Hong Kong last year spent HKD 2.3 billion (USD 300 million) on their trips, five of China UnionPay’s 17 Shenzhen member banks will issue debit cards for use in Hong Kong. To restrict the risk of “foreign currency flight”, Cards International reports, a daily limit of HKD 5,000 will be imposed on ATM withdrawals with the debit cards, which can be used at over 600 ATMs in Hong Kong. However, no restrictions have been applied to purchases with the cards, which around 10,000 merchants in Hong Kong will accept under the pilot. Later this year, a further 4.5 million debit cardholders will be able to use their cards in Hong Kong, when the other 12 Shenzhen banks that are members of China UnionPay join the scheme, which in time may include debit cards issued in Guangzhou and Shanghai. By contrast, a reciprocal program to enable Hong Kong debit cardholders to use their cards at ATMs and for purchases in mainland China, “has generated little interest, signing up only 100 merchants, well short of the minimum 1,000 required” for a successful pilot, CI notes. Simultaneously, Chinese banks like China Construction Bank (CCB), Bank of China, Industrial and Commercial Bank of China, China Merchants Bank and Guangdong Commercial Bank, are expanding their credit card businesses for a headstart on foreign issuers, who will enjoy a level playing field with local issuers by 2006/07 under WTO provisions." « Previous Message Next Message » This message has been viewed 18 times Report a BullBoards Violation Ignore geoffo Post Reply View Threads [ Next Thread | Previous Thread | Next Message | Previous Message ] |
| Subject | Author | Date |
| Re: 2 more trading days including today call directions Feb 6th | market depth12:14 pm, 05 February 2003 | 17:16:05 02/04/03 Tue |
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| Re: No restrictions 10.000 merchants HKUnionPay | debit cards issued in Guangzhou and Shanghai. | 19:34:28 02/04/03 Tue |
 Jan 06 2003 : ChinaERG broader marekts in particular Asian reatil markets | Visa will launch its International Travel Card | 01:45:51 02/05/03 Wed |