12:53 (GMT +7) - Friday 13/12/2019

Banking & Finance

Citi & Lazada launch Vietnam's first e-commerce credit card partnership

Released at: 10:21, 18/11/2019 BUSINESS SPOTLIGHT

Citi & Lazada launch Vietnam's first e-commerce credit card partnership

Photo: Citi Vietnam

Vietnam joins Malaysia and Thailand with new Lazada Citi credit card.

by Doanh Doanh

Citi, the largest pan-regional credit issuer, and Lazada Group, Southeast Asia’s leading e-commerce platform, have launched a 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 rewards points on Lazada purchases, with 10X points, in line with the card’s theme “Play it Up”.

Shopping with Lazada is now more rewarding with a 30 per cent weekend discount, 2X monthly free shipping for cardholders, and further savings by using points earned to offset purchases at Lazada.

In addition, cardholders earn 25,000 bonus points every month by using the card for all retail purchases with a minimum retail spend of VND10 million ($429) 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 for the new card across the region over the next few years. The launch of the Lazada Citi card is a natural extension of Citi and Lazada’s regional partnership, which dates back to 2016.

“This is a step forward in partnerships for the credit card business as it showcases the power of e-commerce combined with the strengths of a global financial platform,” said Citi Country Officer for Vietnam and Consumer Business Manager Ms. Natasha Ansell. “At Citi, our priorities include expanding into new segments such as millennial shoppers, who make up the most e-commerce customers. As a premier global digital bank, we are constantly innovating to bring to 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,” said Mr. James Dong, CEO of Lazada Vietnam. “Themed ‘Play it Up’, the Lazada Citi credit card is a great choice for shoppers keen to embrace cashless digital lifestyle solutions and who demand more value from their purchases. We are thrilled to be partnering with Citi to offer this card to our customers.”

“Consumers in Vietnam are steadily increasing their trust in online transactions as digital payments continue to prove to be secure and convenient,” said Ms. Winnie Wong, Mastercard Country Manager, Vietnam, Cambodia and Laos. “We are excited to launch a co-brand card with Mastercard’s strategic partners - Citi and Lazada - to accelerate the growth of Vietnam’s e-commerce.”

The card is expected to be well received in Vietnam and the region through incentives and exclusive benefits, features, and deals.

The card also comes packed with lifestyle benefits such as 5X points when spending on Travel and Fashion; a rich Citi usage platform including Citi World Privileges with more than 11,000 deals in more than 1,000 cities; and better yet, exclusive deals for this card such as a year-round VND200,000 discount on Flights, Hotels, and Experiences at Traveloka and free bagel / croissant / cookie / espresso biscotti with any one drink purchased on Fridays 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 Asia-Pacific as well as five in EMEA. Close to half of new credit card and loan acquisitions are generated digitally today, representing an increase of more than two-fold in the last three years.

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