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 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 Pacific Wal-Mart credit card marks “a completely new cooperation between the finance and retail industry,” according to the .[Full Text and Subscribers Only]

September 16, 2006, 11:03 PM
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Categories: Economy