What Is an Instant Approval Business Credit Card?

The online credit card is an online credit card product jointly issued by China CITIC Bank, Alipay and Zhongan Insurance. The interface map and detailed sample images were exposed on March 13, 2014.

Online credit card

The online credit card is an online credit card product jointly issued by China CITIC Bank, Alipay and Zhongan Insurance. The interface map and detailed sample images were exposed on March 13, 2014.

Alipay Online Credit Cards enjoy the benefits of lifetime free annual fee and double CITIC points, which can be used for all online consumption, and can also be used in offline stores that support Alipay wallet payments. Originally scheduled to appear in the Alipay wallet after March 16, 2014. ^[1]

As early as the second half of 2012, Ma Weihua, then president of China Merchants Bank, proposed a strategy to "eliminate credit cards" in the next few years. In November 2012, Ma Mingzhe, Chairman and CEO of Ping An of China, also said that it is expected that "within ten years, 50% -60% of credit cards and cash will be gone. The emergence of online credit cards confirms this statement.

In October 2013, Alibaba's foreign trade service company Yidatong launched "Alibaba

Users pay attention to the public account of China CITIC Credit Card in the Alipay wallet.

Alipay's first trial credit card issuance scale is 1 million. In terms of credit limit, the Alipay online credit card credit limit starts at 200 yuan. The upper limit is based on the personal network credit limit, which is generally up to 5000. If the consumption record and credit record are particularly good, the limit can be gradually increased. According to Alipay, the approval of specific quotas is determined through online consumption records, such as the use of Alipay to return credit cards, and the higher the frequency of using Alipay, the more credit data, the easier it is to obtain credits. ^[4]

Credit payment function will cover 80 million

Alipay sources also told reporters that Alipay will gradually benefit more banks through such open actions. In addition to the temptation of a huge credit consumer market, the Internet channels are also very significant for banks to save on their own card issuance costs. Under the traditional model, the single cost of issuing a credit card by a bank is about 80 to 100 yuan, and issuing 1 million online credit cards through the Alipay channel can save nearly 100 million yuan in cost alone.

In order to meet the regulatory requirements of online credit card risk management, Alipay also worked with CITIC Bank to build a risk management system based on Alipay's large real-name user base and credit data, in conjunction with CITIC Bank's original credit card risk management technology and Credit data not only can be used as a basis for granting credit to consumers, but also a key link in risk management. ^[5]

On the morning of March 14, 2014, the central bank issued an emergency document to suspend Alipay and Tencent's online virtual credit card products. At the same time, it also suspended face-to-face payment services such as barcode (two-dimensional code) payment. Alipay responded that it had not received the relevant notice and was verifying it; WeChat said it had not received the notice. ^[2]