BOC, Mastercard join forces for overseas debit card

Bank of China said it and payment technology company Mastercard Inc jointly launched a debit card that enables payments in 19 foreign currencies for Chinese cardholder. The move targets the expanding number of bank card users who need payment services overseas but are without a credit card.

Increasing number of students studying overseas, stay-at-home mothers and fathers, freelancers, as well as retirees - who have demands for payment services in other countries or shop on overseas online marketplaces - are a rising force in the sector.

According to industry analysts, they are an increasing group of bank card users, and developing payment services targeting the segment is one of the latest trends for payment technologies providers.