From Associated Press via The Wall Street Journal:
Wal-Mart Stores Inc. and General Electric Co.’s finance arm are joining the race for a share of China’s growing consumer-credit market by launching their own credit card this week, a Wal-Mart spokesman said Tuesday.
The card is to be formally launched on Friday but the companies began taking applications on Monday, said Jonathan Dong, a spokesman for Wal-Mart China. Wal-Mart’s partners are GE Money and China’s Shenzhen Development Bank Ltd.
The card will be part of the Visa network and can charge purchases in China’s currency, the yuan, or a foreign currency such as the U.S. dollar, Mr. Dong said. “It can be used throughout the country as well as overseas,” he added.[Full Text]
