Industrial and Commercial Bank of China (ICBC) has introduced Baby Growth Card, a family-based set of cards for growing the funds for youngsters and kids, in Beijing.
ICBC said that the Baby Growth Card will be issued under a collection of ‘Baby card, Daddy Card and Mammy Card.’ The Baby Card is a CUP-standard money link card of ‘chip + magnetic stripe’. Daddy Card and Mammy Card can be money link cards or credit cards.
Parents can use the Daddy Card or Mammy Card to deposit money into the Baby Card, in regular periods and automatically. Kids can also take the Baby Card as the ‘piggy bank’ to save the pocket money or scholarship funds. When the child starts working, he/she can deposit the money into the Daddy Card and Mammy Card in regular periods and automatically at a pre-set limit.
ICBC added that the cardholders can also benefit from its value-added services such as an insurance product ‘Pacific Happy Child Investment Plan’.
According to ICBC spokesperson, the launch of Baby Growth Card shows the trend of customized and combined retail banking products. While offering all the financial services to a baby until growing up, the cards can be useful means for parents to tell the children to save money, to invest smartly and to know to return love.