Facing harsh competition from the Big Four State-owned lenders, which have more outlets, Joong said a convenient payment solution is needed to help CMB acquire a larger customer base.

In anticipation of the opening of China's banking industry to full foreign competition, much of the mounting excitement from international analysts and institutions has centred on the potential of retail banking, especially of credit cards.

Existing card issuers have already begun bombarding the Chinese market with cash bonuses and other gifts in a battle to win over consumers.

In late October, Bank of Communications, the mainland's fifth-largest lender and the strategic partner of HSBC, released a new credit card targeting China's growing group of young professionals and executives.

Foreign lenders are not allowed to launch credit cards in China without a domestic partner.

The Shenzhen-headquartered CMB is venturing into the corporate card business, which could help enhance its individual credit card business by keeping track of clients' consumption for business records.

Along with AirPlus International, a German provider of business travel management solutions, it launched a new corporate card yesterday.

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