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ICBC Builds Open Online-and-Offline Scenarios for Inclusive Finance

“We used to be overwhelmed by all kinds of money-receiving QR codes. There was always a fuss at the cash register counter and we needed to check the accounts separately after work. It was really a mess.” said Mr. Zhang, the owner of a busy BBQ restaurant in the renowned Kuanzhai Alley in Chengdu. He, who has started using e-Payment since last month, said that, “Now one QR code is enough. Customers can pay by mobile banking app, WeChat or Alipay, and one account-checking on the system is all I need to do. After all, it is a banking system which I can trust.”

The e-Payment mentioned by Mr. Zhang is an open acquiring service launched by ICBC. As introduced by an official from the ICBC Peony Card Center, ICBC will build for merchants the scenario of “e-Payment demonstration street” in renowned streets and business centers in Beijing, Nanjing, Chengdu and Lhasa, etc., which will not only unify the account-checking gateway for medium, small and micro merchants to enjoy efficient, simple and convenient payment and settlement services, but also provide them with “Merchant Friend Club” exclusive wealth management services and customer-tailored physical precious metal, as well as financial product packages, such as “business quick loan” featuring online application and flexible borrowing and repayment. Besides, “I Go” special promotion campaigns will be offered in these streets and business centers for credit card customers to enjoy a maximum of 50% discount, which will bring more stable customer flows and enormous business opportunities to small and micro merchants.

“In order to put into effect the inclusive finance, we must take the initiative to extend our services to merchant scenarios,” said the official. From the beginning of this year, ICBC, based on e-Payment, has introduced the “e-Merchant Plan” designed exclusively for small- and medium-sized merchants, which provides them with a package of financial services, including payment and settlement, deposits and wealth management, credit financing and promotions through open scenarios of “large-sized markets + e-Payment demonstration streets + online platform”. At present, ICBC has successfully introduced the Plan to multiple large-sized specialized markets in Hebei, Guangdong, Shandong, Jiangsu, Zhejiang and Hubei, as well as the first batch of more than 200 well-known cultural, leisure, traveling and shopping streets and business centers in all provinces, municipalities and autonomous regions nationwide.