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This credit card program will be a globally innovative pilot that pioneers the combination of social, location and mobile services. CMB will offer information about, and services provided by over 10,000 of their merchant partners through Renren’s Location Based Services. When the co-branded credit card holders “check in” from their current locations through Renren’s Location Based Services function, they will receive promotional information from CMB merchant partners located in the vicinity.
In addition, a wide range of loyalty incentive programs will also be offered by both Renren and CMB for the co-branded credit card applicants and holders.
Renren.com went public on NYSE on May 4th. China Merchants Bank has long been one of the largest credit card issuers in China and is well known for its innovative card products and services.