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Shenzhen Ping An Bank has begun to issue a credit card designed to appeal to car owners in China, one of the latest examples of Chinese issuers competing for segments of the card market. The card will carry the China UnionPay and MasterCard Worldwide brands, a bank spokesperson tells CardLine Global. Cardholders receive car insurance worth up to 500,000 yuan (US$73,200 or 53,600 euros), the spokesperson says. "We are the first bank to launch such a … credit card in China," the spokesperson adds, though CardLine Global could not confirm that claim. Zhang Hua, a China-based banking analyst for United States-based research firm Celent LLC, tells CardLine Global the card launch is an example of emerging market-segmentation strategies card issuers use in China. Other examples include cards designed for women and college students, he says. The bank has issued more than 1 million credit cards.
