Bank of China to Shut Down “Binfeng Life” Credit Card App on June 30

Bank of China will fully discontinue service for its credit card app “Binfeng Life” on June 30, with related functions migrated to the “Bank of China” app, according to 36Kr. The report said that in recent years, many small and mid-sized banks have stopped developing standalone credit card apps to cut costs, instead folding credit card features into their mobile banking apps. It added that state-owned big banks, joint-stock banks, and smaller lenders have also been closing offline out-of-town sub-centers, as the domestic credit card industry shifts away from an extensive expansion phase toward a restructured operating model.