The China HSBC that has already exceeded a one million credit card issuance mark will use existing technology such as facial recognition that will allow users to activate digital credit cards and unlock details.
Features and tools such as Alipay, WeChat Pay and UnionPay can also be incorporated providing the same features and uses of a physical card.
Richard Li, EVP and head of retail banking and wealth management for HSBC in China commented:
We have invested in data analytics capabilities and AI-powered risk control systems to provide a digital credit card solution that caters to the spending needs of customers looking for ease, convenience, value and security.
This announcement comes at a time where HSBC has committed to digital offerings. One step is participating in the first cross-border, RMB-denominated letter of credit blockchain deal.
This transaction successfully ensured the issuing of a digital letter of credit to HSBC using the Voltron blockchain platform.
The exchange took just 24 hours, a rapid increase compared to the 5-10 days for traditional paper-based letters.
HSBC continues to grow in China, building momentum. The company currently operates 170 banks in 50 cities and has now launched the bank’s first onshore high net worth client centre that provides services for clients with a minimum of one million dollars. As HSBC takes innovative steps globally it has been listed among the 10 largest banks in the world.
Image Source by Wall Street Journal