Banking News
- Citibank establishes China's first drive-through ATM in Beijing
Date: 3-Aug-2007 Sources: (People's Daily)
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.
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