China Merchants Bank Ltd. is partnering with social networking platform company Renren Inc. to issue a cobranded credit card in China, the bank announced June 13.
The credit card, which launches next month, will incorporate a combination of social, location and mobile services, the bank noted in a press release. The card will come with an annual fee of 300 yuan (US$46 or 32 euros).
Under the partnership, the bank will offer information about the services provided by more than 10,000 of its merchant partners. When a credit cardholder checks in from his current location through Beijing-based Renren’s mobile-based location service, he will receive promotional information from the bank’s nearby partner merchants.
In addition, China Merchants Bank will offer a wide range of loyalty programs for the cardholders, a bank spokesperson tells PaymentsSource.
Founded in 1987 and based in Shenzhen, China Merchants Bank has 73 branches, and it operates 2,860 ATMs in China.
Renren’s platform includes many networking sites, though it is best known for the social networking website Renren.com. It had approximately 117 million activated users as of March 31.
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