💳 Launch of Alibaba.com’s Business Edge Credit Card
Alibaba.com has launched its first credit card in the US, aimed at small and medium-sized businesses. The Alibaba.com Business Edge Credit Card is developed in collaboration with Mastercard and fintech firm Cardless. This card targets American companies that source products from Alibaba’s extensive network of suppliers, 90% of which are based in China. Card users get to choose between 3% cashback or 60-day interest-free payments, applicable to purchases up to $40,000 per year.
🌍 Part of a Broader Global Strategy
The card’s introduction aligns with Alibaba's strategy to expand its international presence. Alibaba International Digital Commerce Group, the arm behind this initiative, saw its revenue rise 32% in the last quarter, outpacing the company’s overall 4% growth. Alibaba.com President Zhang Kuo expects gross merchandise value (GMV) to hit $60B this year, up 20% from 2023. This card is designed to attract more overseas buyers, particularly in the US and Europe.
📈 Small Business Benefits
The Business Edge Credit Card offers clear benefits for small businesses in the US. For a $199 annual fee, cardholders can earn 3% cashback or use 60-day interest-free payment terms. They also get discounts and coupons after meeting certain spending thresholds. “This card is the latest way we are adding value for small and medium enterprises,” said Rah Mahtani, Alibaba.com’s head of marketing for North America. The goal is to help businesses manage finances while buying in bulk on Alibaba’s platform.
🤝 Expanding Beyond the US
While the credit card is currently for US businesses, Alibaba has ambitious plans in Europe too. In a recent move, they signed basketball star Tony Parker as a brand ambassador for promotions leading up to the 2024 Paris Olympics. The platform offers access to over 200,000 suppliers and has launched sales campaigns across Europe. As Alibaba continues to grow, it aims to attract more international buyers through similar initiatives.
Would your small business benefit from a credit card like this?
