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At 3: 30pm on March 6th, 1998, the first online payment was realized in China. The buyer and seller Century Internet Communication Technology Co., Ltd. and CCTV Mr. Wang Keping became the first online virtual merchant and the first online payer in China respectively, while the Bank of China, which facilitated the transaction, was awarded the title of the first online bank in China. The relevant media gave enthusiastic attention and positive reports on this historic event, and China Computer News made a detailed analysis of the whole process with detailed charts. However, more than a year has passed, and it turns out that this matter has no more practical significance than propaganda.

In this year, the major banks in Beijing have been waiting or studying, but a real online bank has quietly appeared, which is China Merchants Bank headquartered in Shenzhen.

China Merchants Bank is a young joint-stock commercial bank established in 1987. Its main shareholders are the Ministry of Communications and China Merchants. This bank is one of the earliest banks to issue savings cards in China. On July 6th, it launched the "One Netcom-Online Payment" business, 1998.