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American Express Announces First Debit Card Products to Support Renminbi Transaction

September 16, 2021

American Express Announces First Debit Card Products to Support Renminbi Transaction 

Chinese banks will issue debit cards on the American Express network. 

Shanghai, China, September 16, 2021  American Express (NYSE: AXP) announced that today its joint venture in China - Express (Hangzhou) Technology Service Co., Ltd. (“Express Company”) joined hands with China Industrial Bank to introduce two American Express-branded debit cards, the first debit products to support renminbi transactions on the American Express network. 

Other Chinese issuers, such as China Merchants Bank, China CITIC Bank and China Guangfa Bank, will also launch American Express-branded debit products in the coming months.

American Express has been investing to enhance our customers’ experiences around the world by expanding the range of services that we offer along with increasing our global reach, said Doug Buckminster, Vice Chairman and Group President of American Express’ Global Consumer Services Group. “We’re pleased with the continued progress we’re making in China, where since last August we have launched more than fifty American Express-branded renminbi products through our bank partners, increased the number of merchants accepting our cards, and achieved an important milestone by enabling our network to support debit. 

According to the Payment System Report by the People’s Bank of China, at the end of the first quarter of 2021, the number of bankcards in use rose to 9.03 billion, of which more than 91 percent are debit cards  

Adding debit capabilities to our network is another example of our unwavering commitment to China.” said Walter LiuChief Executive Officer, Express Company. “Working with our local partners and regulators, we have already delivered a series of industry-firsts in less than a year since our business launch; commercializing dual-app chip technology, debuting the American Express Red Card tailormade for the China marketand launching the first pet-related and the first parent-child benefit platforms. We will bring differentiated value to our partners and to the market by continuing to upgrade and enrich our unique offering of products and services. 

American Express is the first, and currently the only foreign payments network licensed to process renminbi transactions in China. Since its commercial launch on August 6, 2020, Express Company has already achieved strong momentum: 

  • Partnered with 18 major Chinese bank partners to issue more than 50 American Express-branded renminbi credit card products. 
  • Reached mobile wallet parity coverage through partnerships with the four top mobile wallet providers. 
  • Partnered with 21 Chinese banks and local non-bank payments institutions to quickly expand the company’s domestic merchant coverage, adding millions of merchants to the network at the point of sale, with more to come over time 

American Express and Express Company have also been demonstrating its differentiated capabilities and values with local partners through a series of risk management, product management, and network operation platforms to stimulate the steady and healthy development of the Chinese payments market. 

In July, Express Company joined its local acquiring partners to support the post-flooding recovery work by waiving the interchange fee and the brand fee (POS, pre-authorization, ATM withdrawal, online, etc.) of all American Express renminbi transactions for the merchants in Henan Province between 21st July 2021 and 20th October 2021. After the relief period, the waived transaction fees will be refunded to the merchants in a lump sum through Express Company’s acquiring partners in China. 

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About American Express 

American Express is a globally integrated payments company, providing customers with access to products, insights and experiences that enrich lives and build business success. Learn more at americanexpress.com and connect with us on facebook.com/americanexpressinstagram.com/americanexpresslinkedin.com/company/american-expresstwitter.com/americanexpress, and youtube.com/americanexpress. 

Key links to products, services and corporate responsibility information: charge and credit cardsbusiness credit cardstravel servicesgift cardsprepaid cardsmerchant servicesAccertifyInAuthcorporate cardbusiness travel, and corporate responsibility. 

 

AMERICAN EXPRESS: 

Fritz Quinn   

Tel: +65 9825 6687    

Email: william.f.quinn@aexp.com 

Jiazhong Mei  

Tel: +86 (21) 2225 0838  

Email: Jiazhong.mei@aexpec.com

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