CMB and Didi Kuaidi ink deal

Lender to provide loans, payment plans to qualified drivers

China Merchants Bank Co Ltd has teamed up with ride-hailing major Didi Kuaidi to provide automobile financing and expand its reach in China's booming mobile payment industry.

The two have inked a comprehensive partnership, which includes a strategic investment by the former in the latter. Under the partnership, CMB will become the first bricks-and-mortar bank that can offer in-app credit card payments to Didi users. At present, users of Didi can only choose third-party payment solutions like WeChat Payment and Alipay to pay cab fares.