On May 28, 2011, Industrial Bank (IB) started to offer “IB-Taobao.com co-branded credit cards” in partnership with Taobao.com under Alibaba Group to jointly provide the new generation of online payment services to credit card customers.
IB-Taobao.com co-branded credit cards cover six functions: online application, fast payment, online payment points, fast points-based payment, online bill inquiry, and Alipay online repayment. From application to repayment, customers can, through operating on the internet, truly realize all-course online payment services in a faster and more beneficial way.
The “credit card fast payment” function will give co-branded cardholders a much more convenient and safer experience for online payments; the “online payment points” function will enable cardholders to receive corresponding points following their purchases (one point will be accumulated for each RMB 1 spent) in all stores supporting credit card payment; “fast points-based payment” enables cardholders to use their credit card points to reduce the transaction amount to be paid via Alipay for purchases on Taobao.com, it’s really worth more. In addition, IB-Taobao.com co-branded credit cards, in combination with the Alipay repayment platform, also offers “online bill inquiry” and “Alipay online repayment” functions to facilitate the repayment for cardholders.
It is reported that this co-branded card jointly issued by the two companies belongs to the UnionPay family, including standard platinum card, elite platinum card, gold card and common card, so that it may meet the demands of different internet-based consumers. The standard platinum card holders may enjoy many VIP services, including unlimited airport VIP services at home, unlimited play of golf on training course, and diamond-level healthcare services, etc.
At the press release, Chen Dekang, Vice President of IB, and Peng Lei, Vice President of Alibaba Group and CEO of Alipay, entered into a strategic cooperation agreement on behalf of both parties. Both companies are very confident in the future market performance of the IB-Taobao.com co-branded credit card. They indicated that both companies will take this as a new start to adopt their own resource advantages and brand effects in finance and networks, make continuous innovation, and carry out in-depth cooperation in respect to e-commerce, SME financing, and wealth management, etc., so as to provide customers with more inclusive, faster and more beneficial finance service on the internet.