Wal-Mart to launch credit card services in China

09/18/06 - newratings.com

NEW YORK, September 18 (newratings.com) – Wal-Mart Stores Inc (WMT) is set to launch its first credit-card service in China, in a joint venture with China's Bank of Communications Co, the Wall Street Journal reported on Saturday.

The credit card offered by the company, which is the world's biggest retailer, will be a dual currency card that could be used anywhere. The card will also provide special discounts at Wal-Mart stores in China, the Wall Street Journal said, quoting Wal-Mart officials in China. The Journal also said that following the initial launch in six stores in Shanghai, Nanjing and Fuzhou, the card would be offered at Wal-Mart stores throughout China. According the Journal, China’s growing credit card market size is likely to reach $3.4 billion by 2010.