Citi and Lazada Group, Southeast Asia’s leading e-commerce platform, today announced the launch of a new Lazada Citi credit card – the first e-Commerce co-brand credit card in the region. The Lazada Citi credit card is live in Malaysia and will be introduced to other markets in the region over the next six months.
For the first time ever, cardholders will enjoy the highest rewards points earning on Lazada purchases and Lazada Wallet top-up with 10X points in line with the card’s theme, “Play it Up”. Shopping with Lazada is now more rewarding with up to 20% cashback on Lazada Wallet top-ups and further savings by using points earned to offset Lazada spending. What’s more, earn 1,000 bonus points every month by using this card for all your retail purchases with minimum retail spend of RM1,500 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 Malaysia Consumer Business Manager Elaine Fan said, “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. At Citi our priorities include expanding into new segments such as millennial shoppers who make up the most number of e-Commerce customers. Citi clients have shown a greater preference for transactions in digital ecosystems. As a premier global digital bank, we are constantly innovating to bring to the market exciting digital financial solutions.”
“As part of ongoing efforts to become a leading lifestyle destination for Malaysians, 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 who are unafraid 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 Leo Chow, Chief Executive Officer, Lazada Malaysia.
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 a more than two times increase in the last three years.