Core Viewpoint - The recent announcement by Bank of China to gradually shut down its "Bountiful Life" app and migrate its functions to the main "Bank of China" app highlights a shift in the credit card app landscape, moving from smaller banks to major state-owned banks amid a backdrop of declining credit card business and cost-cutting measures in the banking industry [1][5][17]. Summary by Sections Credit Card App Shutdown - Bank of China announced the gradual shutdown of its "Bountiful Life" app, which will have all its functions transferred to the main "Bank of China" app [1]. - This trend of shutting down credit card apps is not new, as several banks, including Shanghai Rural Commercial Bank and Beijing Rural Commercial Bank, have previously made similar moves [5]. Market Dynamics - The credit card app market is experiencing increasing differentiation, with a clear ranking in monthly active users [7]. - As of June 2025, the top 20 credit card apps include 5 state-owned banks, 9 joint-stock banks, and 2 city commercial banks, with the highest monthly active users exceeding 14 million for several apps [7][8]. - Bank of China's "Bountiful Life" app had only 1.55 million monthly active users, ranking 13th among state-owned bank credit card apps [7][9]. Credit Card Loan Scale - State-owned banks maintain a significant advantage in credit card loan scales, with China Construction Bank being the only bank with a credit card loan scale exceeding 1 trillion yuan, reaching 1,054.95 billion yuan as of June [10][11]. - Other major state-owned banks also report credit card loan scales above 500 billion yuan, while joint-stock banks like China Merchants Bank show strong performance with a credit card loan balance of 924.49 billion yuan [10][11]. User Engagement and Competition - The focus of credit card apps has shifted from acquiring new customers to retaining existing ones, as many consumers already hold multiple credit cards [14][15]. - The competition for user engagement is intensifying, with various lifestyle service apps entering the market, making it challenging for credit card apps to attract new users [15][19]. Operational Efficiency - The closure of independent credit card apps reflects a broader trend towards centralized management of banking channels [17]. - Regulatory guidance has prompted banks to streamline their mobile applications, focusing on user engagement and operational efficiency [18][19].

Core Viewpoint - The recent shutdown of credit card apps, particularly by major state-owned banks like Bank of China, reflects a broader trend in the banking industry towards consolidating digital services and reducing operational costs amid a shrinking credit card business [1][5][16]. Group 1: Credit Card App Shutdowns - Bank of China announced the gradual shutdown of its "Bountiful Life" app, migrating its functions to the main "Bank of China" app, which has drawn market attention [1][4]. - Several banks, including Shanghai Rural Commercial Bank and Beijing Rural Commercial Bank, have previously shut down their credit card apps, indicating a trend towards integrating these services into existing banking apps [5][6]. Group 2: Market Dynamics and User Engagement - The credit card app market is experiencing significant differentiation, with major state-owned banks and some joint-stock banks dominating user engagement metrics [7][8]. - As of June 2025, the top credit card apps by monthly active users include those from major banks, with Bank of China's "Bountiful Life" app ranking 13th with 1.5454 million active users, significantly lower than leading apps [7][8]. Group 3: Credit Card Loan Performance - State-owned banks maintain a strong position in credit card loan volumes, with China Construction Bank reporting a credit card loan scale of 1.0549 trillion yuan, the only bank exceeding 1 trillion yuan [9][10]. - Joint-stock banks also show robust performance, with China Merchants Bank's credit card loan balance reaching 924.49 billion yuan, accounting for 12.99% of its total loans [9][10]. Group 4: Digital Transformation and App Management - The closure of independent credit card apps is part of a broader strategy for centralized management of banking applications, as mandated by regulatory authorities to optimize user experience and reduce redundancy [16][17]. - Banks are increasingly focusing on comprehensive apps that integrate various financial services, moving away from multiple standalone apps to enhance operational efficiency and customer engagement [17].

Core Viewpoint - The recent announcement by the Bank of China to gradually shut down its "Bountiful Life" app and migrate its functions to the main "Bank of China" app highlights a shift in the credit card app landscape, moving from smaller banks to major state-owned banks amid a backdrop of declining credit card business and cost-cutting measures in the banking industry [1][4]. Group 1: Credit Card App Landscape - The credit card apps have traditionally served two main purposes: connecting online and offline channels for customer acquisition and creating a digital tagging system for user behavior analysis [4][9]. - The closure of the "Bountiful Life" app follows similar actions by other banks, indicating a trend where standalone credit card apps are becoming less viable due to shrinking credit card business [4][10]. - As of June 2025, the "Bountiful Life" app had a monthly active user count of 1.5454 million, ranking 13th among state-owned bank credit card apps, significantly lower than leading apps with over 14 million users [5][6]. Group 2: Market Dynamics and Competition - The credit card market is experiencing increasing differentiation, with major banks like China Construction Bank leading in credit card loan scale, having surpassed 1 trillion yuan in loans [7][8]. - The competitive landscape for credit card apps is intensifying, with many banks focusing on retaining existing customers rather than acquiring new ones, as many consumers already hold multiple credit cards [10][11]. - The top credit card apps are increasingly integrated into lifestyle services, making it challenging for standalone credit card apps to compete for user attention in a saturated market [9][10]. Group 3: Operational Changes in Banking - The closure of independent credit card apps reflects a broader trend in the banking industry towards centralized management of mobile applications, as mandated by regulatory guidelines [12][13]. - Major banks are restructuring their digital operations, establishing dedicated centers to streamline app management and enhance user experience, which is expected to improve operational efficiency [12][13].

Core Viewpoint - The independent credit card apps of several banks, including China Bank, are being phased out in favor of integrating credit card services into their main banking apps, reflecting a broader trend in the industry towards consolidation and cost efficiency [2][3][4]. Group 1: Bank Actions - China Bank announced the shutdown of its credit card app "Bountiful Life," with all functions migrating to the main "China Bank" app, leading to the eventual discontinuation of the independent app [2][5]. - Other banks, such as Bohai Bank and Beijing Rural Commercial Bank, have also ceased operations of their independent credit card apps, indicating a collective shift in the banking sector [3][20]. - The trend of merging credit card functionalities into main banking apps is not isolated, as multiple banks have already taken similar actions over the past few years [3][21]. Group 2: Industry Insights - Experts suggest that the initial goal of independent credit card apps was to enhance customer engagement, but the results have been disappointing, leading to increased operational costs without significant user retention [3][22]. - The profitability pressure on credit card businesses has made maintaining independent apps economically unfeasible, prompting banks to consolidate services to reduce costs and improve efficiency [4][27]. - The decline in active users of credit card apps contrasts with the growth in mobile banking app usage, highlighting a shift in consumer behavior towards more comprehensive banking solutions [24][25]. Group 3: Market Trends - The credit card industry is experiencing a downturn, with a reported decrease of 34 million credit cards over the past year, reflecting broader economic challenges [30][34]. - Data from the central bank indicates a decline in the total number of credit cards and combined lending cards, dropping from a peak of 798 million to 715 million [30]. - Banks are now focusing on refining their strategies to retain existing customers and adapt to changing consumer spending habits, moving away from aggressive customer acquisition tactics [34][35].