China-based Bank of Communications (BoCom) has extended its agreement with UK-based CPP Group to assist customers who lost their payment cards.
Under the new three-year partnership, CPP will provide its theft and loss protection service to BoCom customers.
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The service will be available for BoCom customers who use the bank’s ‘Mai Dan Ba’ app.
BoCom senior manager of product development Spencer Yang said: “Helping our customers at important moments such as losing a payment card is a vital connection point to our bank so this service must be delivered seamlessly.
“CPP Group China has lived up to that standard and we are looking forward to building an even stronger partnership following this contract extension.”
Once customers report a loss or theft via the app, the service will instantly freeze their misplaced cards. There is a dedicated customer service team for the same.
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By GlobalDataAdditionally, the service also comes with overseas emergency travel assistance to provide transport tickets and hotel fees for uninterrupted travel.
CPP Group CEO Jason Walsh said: “Our China operation has built an excellent portfolio of partners and it is terrific to see new relationships like this one with BoCom become firmly established.
“We’re protecting 300,000 BoCom customers after less than 18 months working together so we hope to increase that base significantly over the next three years.”
Founded in 1908, BoCom has issued over 150 million debit cards and 70 million credit cards in China. The fortune 500 company has been a partner of CPP Group since the end of 2018.
Apart from BoCom, CPP’s other clients in China include Ping An Bank, Shanghai Pudong Development Bank, China Guangfa Bank and JD.com.
