Private lender PT Bank ICBC Indonesia has issued a new credit card in collaboration with China’s bank card organization UnionPay, targeting Indonesians who often travel to the world’s second-largest economy.
The number of Indonesians traveling to China is estimated to reach 600,000 every year.
UnionPay cards can reportedly be used in more than 140 countries across the globe and are second to Visa in term of the value of transaction.
ICBC Indonesia is a relative newcomer to credit card products, launching its credit card program only in 2011 — four years after its presence in the country began in 2007.
ICBC Indonesia had since 2011 issued around 10,000 cards to its 5,000 customers in the country.
The Industrial and Commercial Bank of China (ICBC), which has a 97.83 percent share in ICBC Indonesia, has issued a total of 580 million cards worldwide, with 88 million being credit cards at the end of 2013.
In addition, Yensen said around 25 to 30 percent of credit card transactions by ICBC Indonesia customers were made overseas. Roughly, around 80 to 90 percent of the transactions were retail.
According to him, one of the advantages of the UnionPay card was that it was more widely accepted by merchants in China.
According to an unaudited report submitted to Bank Indonesia, ICBC Indonesia’s total outstanding loans reached Rp 20.81 trillion as of March 2014.
ICBC Indonesia’s outstanding loans in the credit card segment are still below 10 percent. (dyl)
The number of Indonesians traveling to China is estimated to reach 600,000 every year.
UnionPay cards can reportedly be used in more than 140 countries across the globe and are second to Visa in term of the value of transaction.
ICBC Indonesia is a relative newcomer to credit card products, launching its credit card program only in 2011 — four years after its presence in the country began in 2007.
ICBC Indonesia had since 2011 issued around 10,000 cards to its 5,000 customers in the country.
The Industrial and Commercial Bank of China (ICBC), which has a 97.83 percent share in ICBC Indonesia, has issued a total of 580 million cards worldwide, with 88 million being credit cards at the end of 2013.
In addition, Yensen said around 25 to 30 percent of credit card transactions by ICBC Indonesia customers were made overseas. Roughly, around 80 to 90 percent of the transactions were retail.
According to him, one of the advantages of the UnionPay card was that it was more widely accepted by merchants in China.
According to an unaudited report submitted to Bank Indonesia, ICBC Indonesia’s total outstanding loans reached Rp 20.81 trillion as of March 2014.
ICBC Indonesia’s outstanding loans in the credit card segment are still below 10 percent. (dyl)
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