Thailand-based KasikornBank is planning to expand credit card business by offering attractive promotions to its customers.
The move by KasikornBank comes after it failed to meet its target for credit card spending in 2013, with reported credit card spending of THB245bn ($7.4bn), which was less than the expected spending of THB260bn ($7.88bn).
KasikornBank, however, expects the credit card business to rope in payments of THB319bn ($9.6bn) or around 30% growth in 2014.
KasikornBank executive vice-president, Chatchai Payuhanaveechai, said although the political turmoil had significantly affected consumer spending, the credit-card market was still expected to expand by 13%-14% this year, compared with last year’s 14.5%.
“New customers will help drive new spending, consequently, we will have to expand the number of new [credit] cards mainly in the provinces,” Chatchai added.
KasikornBank is planning to added 670,000 new credit cards in 2014, taking the total number of credit cards offered by the end of the year to 3.6 million.
Chatchai said KasikornBank also planned to launch major promotion campaigns with attractive conditions earlier than originally planned, in an attempt to stimulate consumer spending.
