China Merchant Bank issues Internet card

China Merchant Bank issues Internet card

China E-Commerce Technologies (CECT), a subsidiary of Cayman Islands' registered Internet Corporation, has joined with China Telecom and China Merchant Bank (CMB) in launching a multi-purpose Internet banking card for use throughout China.

The iBanking Card will provide the cardholder with a new virtual bank account at China Merchant Bank, along with the Internet service provider (ISP) network connections from CECT through China Telecom.

CMB is to circumvent the usual requirement for new customers to visit a local branch by delivering cards through the China Postal Bureau, which will verify an applicant's ID and documentation. CECT also has established a direct link with the China Postal Bureau allowing its customers to go online and wire transfer funds to any of its over 66,000 locations nationwide.

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