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BIZCHINA / Overseas Investment
Citibank?sets up?China's 1st drive-through ATM
(Xinhua)
Updated: 2007-08-03 15:52
Citibank has launched China's first drive-through automatic teller
machines (ATM) in east Beijing -- but only holders of bank cards issued
abroad can use them for now.
Drivers could withdraw cash and make other transactions without getting
out of their cars, said Anand Selva,the vice president with Citibank
China.
"This is just an experiment," said a source with Citibank China, adding
that the company would set up more such ATMs in Shanghai and other cities
if it worked well.
ATM business is an important way for foreign banks to expand their market
share in China, said the source.
Citibank ATMs provide services, including withdrawals, transfers and
payments, only to holders of bank cards issued abroad as foreign banks
are not yet allowed to issue their own cards in China.
"If approved by the China Banking Regulatory Commission, domestic bank
card holders will be able to use the ATM network as well," the vice
president said, without revealing when or whether the banking regulator
would give the go-ahead.
Citibank has set up eight drive-through ATMs in Asia.
In 2005, Citibank and China Unionpay made an agreement, under which
Unionpay cards are accepted by Citibank's ATMs in 35 countries and
regions globally and Citibank's international cards are also recognized
by more than 10,000 foreign card ATMs of China Unionpay.
(For more biz stories, please visit Industry Updates)
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