Virtual cards still 'testing', bank says

China CITIC Bank has not yet launched virtual credit cards with Chinese IT giant Tencent Holdings Ltd or Alipay, a third-party online payment platform of Alibaba Group Holding Ltd, the bank said in a statement issued on Sunday. The statement said the two financial products are "still in the testing stage".

The statement came after the People's Bank of China, the country's central bank, issued a directive on Friday to halt virtual credit cards and QR code payments.

The PBOC asked the relevant online payment service providers to submit documents verifying the security of such services so it can assess security risks.

China CITIC Bank said it will strictly follow the requirements of the regulators.

"We will further strengthen the compliance and security assessment of relevant products and the testing efforts before they are launched. We will improve the management system of the products and control risks to protect the legal interests of our customers," the bank said in its statement.

The bank's stock dropped 8 percent on Friday in China's A-share market before trading was suspended. It continued to fall 7.36 percent to 4.53 yuan (73 cents) at noon on Monday.

PBOC suspends use of virtual credit cards

Alipay to issue online credit cards