Macau (MNA) – Tai Fung Bank Limited, Companhia de Telecomunicações de Macau (CTM) and BOC Credit Card (International) Limited (BOCI) jointly launched a dual-currency card on January 8, which allows customers to enjoy privileges and discounts with local and overseas merchants.
Jose Hui, a director at Tai Fung Bank told media at the sidelines of the event that credit card use in Mainland China has increased in recent years, with public transport and smaller purchases being popular with Chinese users.
“Some [cross-border] functions may be complicated to implement so Hong Kong and Macau users might not enjoy the same amount of options as with Mainland users,” explained Mr. Hui.
Tai Fung Bank will provide services supporting foreign currency exchange, travel insurance, and fixed deposit services, while the local telecommunications provider CTM will provide waivers on handsets, roaming deposits, priority services at the number one club, and priority for the choice of numbers when signing up for a new mobile service.
However, Mr. Hui believes that as Macau further integrates into the Greater Bay Area, the level of spending for local customers could soon match that of Mainland residents.
CTM customers who apply for the Tai Fung CTM UnionPay Dual Currency Diamond Credit Card could have annual fee waivers.
Cardholders can have up to six times of bonus points while spending in local hotels, restaurants and overseas, and an administrative fee will be waived.
Miles can also be redeemed for certain airlines.
UnionPay has allowed Macau and Hong Kong residents to bind locally-registered UnionPay cards to a mobile payment app as of September 2018.