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METRO signs agreement with BoC on prepaid card

Bank of China signed an agreement with the world’s retail giant METRO on single-purpose pre-paid card at the Third Prepaid Card Industry Summit, which was organised by the Chinese Ministry of Commerce. It meant that Bank of China has become the partner bank with the German-based retailer to issue single-purpose pre-paid card in China. The card program will make payment more convenient and further encourage consumer spending.

It is estimated that single-purpose pre-paid card will have a sales volume of CNY2 trillion (321.17 billion) by the end of 2012 and the money under regulation will reach CNY420b, with department stores and supermarkets issuing over 90 percent of the cards in total.

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