China has a new credit card. Three entities – SIX Payment Services, Bank of China and UnionPay International are coming together to launch this card, called the ‘Europe Card’, which is essentially targeting Chinese consumers traveling to Europe for business or leisure purposes. SIX said during the launch phase, cardholders are eligible for up to 5% cash back for purchases at selected merchants. It also said merchants benefit from a free advertising platform that directs Chinese consumers towards their stores in person or in the future also via e-commerce. The new card is an addition to Bank of China’s Travel Mate Credit Card program of approximately two million cards, including Korea Card, Japan Card and USA Card, all based on the UnionPay scheme.
