Malaysia is the 1st country to launch the card, says Sanjay
by S BIRRUNTHA/ pic by RAZAK GHAZALI
LAZADA Group and Citibank Bhd aim 500,000 sign-ups across Asean from its newly launched first co-brand e-commerce credit card, “Play it Up”. Citibank credit cards and personal loans (Asia-Pacific) regional director Sanjay Nambiar said both companies expect to achieve the target over the next few years.
The new Lazada-Citi credit card is targeted to younger, digitally savvy customers who make up the majority of e-commerce customers in Malaysia. “Currently, Malaysia is the first country to launch the card. It will be introduced to other markets in the region over the next six months,” Sanjay said.
“Malaysia is a priority for us because the digital economy in this region has been growing tremendously fast.
“So, Malaysia is an important market for us, and we are very excited about this partnership,” he told reporters after the launch of the credit card in Kuala Lumpur yesterday.
Citibank consumer business manager Elaine Fan said the global banking group’s priorities include expanding into new segments that suit the needs of the millennial shoppers.
“This is a step forward in co-branding for the credit card business as it showcases the power of e-commerce combined with the strengths of a global financial platform.
“As a premier global digital bank, we are constantly innovating to bring into the market exciting digital financial solutions,” she said during the event.
According to Lazada, users can earn 1,000 bonus points every month by using this credit card for all retail purchases with minimum retail spend of RM1,500 per statement month.
Users can also claim 20% cashback on Lazada Wallet top-ups and further savings by using points earned to offset Lazada spending.
Lazada Malaysia CEO Leo Chow said the Lazada-Citi credit card makes a great choice for shoppers who are unafraid to embrace cashless digital lifestyle solutions and demand more value out of their purchases.
“The card is expected to be well received in Malaysia and the region with these exclusive benefits, features and deals.
“New card applicants will also receive up to RM500 Lazada vouchers when they apply online,” she said.
The card also comes packed with unique travel, wellness and lifestyle benefits and discounts from selected partners such as Malindo, Klook, Fraser Hospitality, Dominos, Healthland and ClassPass.
Cardholders will also be able to earn points five times when they spend with these partners.
Currently, Citi’s Asia Pacific Consumer Banking business has around 15.2 million credit cards, covering 12 markets in Asia Pacific as well as five in Europe, the Middle East and Africa.
Close to half of new credit card and loan acquisitions are generated digitally today, representing a more than two times increase in the last three years.