Thailand-based Siam Commercial Bank has partnered with The Mall Group to launch new SCB M co-branded credit, debit, prepaid and gift cards.
The new credit cards include SCB M LIVE Visa Platinum, SCB M LUXE Visa Signature and SCB M LEGEND Visa Infinite variants. The cards target different customers depending on monthly incomes.
While the SCB M Debit Card features contactless capability, the SCB M Visa Prepaid Card enables users to earn M Points.
The SCB M cards are expected to reach 500,000 cardholders. The spending through cards is estimated to register more than THB20bn ($602.27m) in the first year.
SCB and Mall Group have also rolled out a new QR payment service through a virtual card available in the SCB EASY application.
In addition, the partners are facilitating SMART EDC feature for payment via multiple modes. Those include credit cards, debit cards, AliPay, WeChatPay and QR PromptPay.
As part of the alliance, banking agent services will be available at Mall Group’s department stores to allow customers purchase insurance, Revolving Cash cards and personal loans, among others.
Furthermore, new technologies such as I-RESERVED PARKING service and chatbot will be introduced to enhance the shopping experience for cardholders.
The Mall Group chairwoman Supaluck Umpujh said: “In response to the government and the Ministry of Finance’s National e-Payment policy to drive Thailand to a cashless digital economy, the two firms will offer co-created products and services leveraging technology and the most advanced financial innovations.
“Practical for both Thai and foreign shoppers, newly introduced services will be available at every branch of The Mall, The Emporium, The Emquartier and Siam Paragon.”
The SCB M VISA credit and debit cards, SMART EDC and I-RESERVED PARKING technologies will be rolled out this month, while the remaining products are scheduled to launch in October this year.