Citi and Lazada launch first local e-commerce credit card partnership
Citi and Lazada launch first local e-commerce credit card partnership
Citi, the largest pan-regional credit issuer, and Lazada Group, Southeast Asia’s leading e-commerce platform, have just launched the new Lazada Citi credit card in Vietnam – the first e-commerce credit card partnership in Vietnam, one month after the launch of the same card in Malaysia and Thailand.For the first time ever, cardholders will enjoy the highest reward points earning on Lazada purchases with 10X points in line with the card’s theme, “Play it Up”. Shopping with Lazada is now more rewarding with 30 per cent weekend discount, 2X monthly free shipping for cardholders, and further savings by using points earned to offset purchases at Lazada.
What’s more, cardholders earn 25,000 bonus points every month by using this card for all retail purchases with the minimum retail spending of VND10 million ($435) per statement month.
Tapping into the growth potential of e-commerce spending in the region, Citi and Lazada are targeting over 500,000 sign-ups of the new card across the region over the next few years. The launch of the Lazada Citi card is a natural extension to Citi and Lazada’s regional partnership which dates back to 2016.
Speaking at the launch of the Lazada Citi credit card, Citi country officer for Vietnam cum consumer business manager Natasha Ansell said, “This is a step forward in the partnership between the credit card business as it showcases the power of e-commerce combined with the strengths of a global financial platform. At Citi, our priorities include expanding into new segments such as millennial shoppers who make up the largest share of e-commerce customers. As a premier global digital bank, we are constantly innovating to bring to the market exciting digital financial solutions.”
“As the pioneering e-commerce platform and leading lifestyle destination for Vietnamese, Lazada continues to innovate products that combine rewarding, entertaining shopping experiences with the best deals. Themed ‘Play-it-up’, the Lazada Citi credit card makes a great choice for shoppers to embrace cashless digital lifestyle solutions and demand more value out of their purchases. We are thrilled to be partnering with Citi to offer this card to our customers,” said James Dong, chief executive officer, Lazada Vietnam.
“Consumers in Vietnam are steadily growing trust in online transactions as digital payments continue to rise, proving to be secure and convenient. We are excited to launch a co-brand card with Mastercard strategic partners – Citi and Lazada – to accelerate the growth of Vietnam’s e-commerce,” said Winnie Wong, Mastercard country manager, Vietnam, Cambodia, and Laos.
The card is expected to be received well in Vietnam and the region through the incentives of these exclusive benefits, features, and deals. New card applicants will also receive up to VND2 million ($87) in Lazada vouchers, plus a fee waiver when they apply online.
This card also comes packed with lifestyle benefits such as 5X points when spending on Travel and Fashion; rich Citi usage platform including Citi World Privileges with more than 11,000 deals at more than 1000 cities; and better yet, exclusive deals for this card such as year-round VND200,000 ($8.5) discount on flight, hotel, and experience at Traveloka and free bagel/croissant/cookie/espresso biscotti with any one drink purchased on every Friday at Coffee Bean & Tea Leaf.
With the new card, Citi will access a younger, digitally-savvy customer pool who make up the majority of e-commerce customers in the region while Lazada widens its breadth of offers and services by leveraging a global financial platform.
Citi’s Asia-Pacific Consumer Banking business has around 15.2 million credit cards, covering 12 markets in the Asia-Pacific as well as five in EMEA. 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.
