CITIC is part of the major state-owned conglomerate CITIC Group. The bank has a nationwide branch network and customer base, including the wealthy segment, and is actively expanding its card issuing business. China CITIC Bank has been steadily building JCB merchant network and cardmember base since establishing a partnership with JCBI on merchant business in 1991 and on card issuing business in 2011.
The new virtual card adds to the banks existing JCB brand lineup of Standard, Gold and Platinum grade MS, MAGIC Card and the Ultimate Card, the highest rank Platinum grade designed for the affluent. The new virtual cards derived from plastic cards have 4 advantages: immediately available after application for membership, the card usage limit in conjunction with plastic cards, purchase management for online shopping and secure and safe online payment.
Customers can apply for up to 20 virtual cards per year via the internet, Wechat or smartphone app. A security code (CAV2) is set for each card to ensure secure payment for online shopping. Kimihisa Imada, Deputy President of JCBI said, Online shopping by Chinese consumers has been growing remarkably and now its essential for shopping in daily life. On the other hand, that means the customer needs even better security. Virtual cards minimize the risk of card information being stolen and help prevent fraud. One of our most important missions is to provide a secure payment environment, and we will continue to work on doing that in cooperation with CITIC and other partner financial institutions in international markets.
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