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June 16, 2017updated 20 Jan 2022 7:28am

CIMB, Lazada launch MasterCard-banded prepaid card in Malaysia

CIMB Bank, a Malaysian lender, has collaborated with Lazada Malaysia, an e-commerce company, to roll out a MasterCard-branded prepaid card that will provide customers with cash rebates and merchant discounts.

The prepaid card, which can be approved online, is available on the websites of CIMB and Lazada. Once a virtual 16-digit card number is issued, users can immediately start shopping, according to the bank.

Later on, the customers will be issued with a physical card for offline transaction and banking facilities in Malaysia, such as ATM cash withdrawals and Internet and mobile banking.

Cardholders can enjoy a 1% cash rebate, capped at MYR25 per month for online Lazada purchases at lazada.com.my. Other non-Lazada purchases will get a 0.50% cash rebate up to MYR25 per month.

CIMB group consumer banking CEO Samir Gupta said: “We are proud to partner with Lazada and MasterCard on this fully digital co-branded card, to bring unique benefits and great convenience to our customers.

“The online shopping segment in Malaysia and Southeast Asia is expanding rapidly and we are excited to contribute to this growth story.

“This fits into our overall digital strategy to lead in the e-commerce payment ecosystem, as we go the extra mile to enhance our customers’ experience by making it easier, more efficient and more secure for them to shop online.”

The prepaid card is available to all existing CIMB customers.

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