Wal-Mart Will Launch Its First China Credit Card – Mei Fong
From The Wall Street Journal:
Wal-Mart Stores Inc., the world’s largest retailer in terms of sales, will announce the launch of its first credit card in China today in conjunction with China’s Bank of Communications, according to Wal-Mart and bank officials.
The venture is likely the first credit card issued by a foreign retailer, analysts say. It marks a milestone in China’s evolving consumer market, where less than 5% of the population has credit cards, according to industry estimates.
The Bank of Communications Pacific Wal-Mart credit card marks “a completely new cooperation between the finance and retail industry,” according to the Bank of Communications.[Full Text and Subscribers Only]