American banking major Citi has teamed up with e-commerce giant Lazada to introduce a co-branded credit card for the tech-savvy customers in Singapore.
The offering, known as Lazada Citi credit card, has been launched to attract millennial online shoppers. Both Citi and Lazada aim to serve more than 50% of young professionals using the new credit card over the next few years.
For every $1 spent on the site, the cardholders can earn 10 reward points. It also offers five points on dining, commuting, travel, and entertainment payments carried out across the globe.
The loyalty points can be redeemed for vouchers, airline miles, and cash discounts during online shopping, Grab or Go-Jek rides along with food delivery.
However, cardholders will be allowed to earn a maximum of 10,000 reward points per month.
Citibank Singapore CEO Brendan Carney said: “With over 30% of our customers’ credit card spend now made via digital channels, it is important for us to continue expanding our presence and scale in digital ecosystems, and deepening our engagement with the growing e-commerce customer base in Singapore.”
Lazada Singapore CEO James Chang said that the millennials are now buying more groceries, household items and cosmetic products than ever before.
“As e-commerce in Southeast Asia continues to flourish and meet consumers’ expanding needs, Citi and Lazada are unified by a common goal to develop the e-commerce ecosystem and provide more value to digital natives,” Chang added.
Earlier this year, Citi and Lazada rolled out their co-branded credit card in Malaysia, Thailand as well as in Vietnam