MALAYSIA’s number one e-commerce platform Shopee has entered into a partnership with the country’s leading financial services provider, Maybank and the world’s leader in digital payments, Visa to introduce Maybank Shopee credit card, the only lifestyle and e-commerce Platinum card for every Malaysian.
The launch of the Maybank Shopee credit card comes at a time when more Malaysians are turning to e-commerce to get their essentials, with consumers spending an average of 20% more time on Shopee a week.
As such, the trio teamed up to deliver a co-branded credit card that answers the needs of today’s consumers while putting more back into the pockets of Malaysians.
Users of this brand new card will be rewarded with Shopee Coins (¹) for all their purchases, be it online or offline and anytime or anywhere. Cardholders will also earn more rewards when they spend during Shopee’s selected campaigns and on the 28th of every month.
Users will receive five times Shopee Coins for purchases on Shopee - four times Shopee Coins for their dining, entertainment and contactless payments and one-time Shopee Coins for all other transactions when they use this card.
The accumulated Shopee Coins enable users to offset future purchases on the platform, and redeem vouchers including food and beverages and services from the Daily Coins Rewards feature on the Shopee app.
Moreover, earnings beyond 5,000 Shopee Coins each month will be rewarded in the form of Maybank TreatsPoints which cardholders can use to redeem gifts from Maybank.
“As a leader in the credit card business in Malaysia, we constantly seek out opportunities to expand our diverse offerings and privileges to meet customers’ evolving lifestyle. Between 2017 and 2019, we saw a 43% jump in our card billings for e-commerce platforms which indicates a significant shift towards online shopping.
“This partnership with Shopee will allow us to create value for our customers, tap into Malaysians’ e-commerce spending growth and thus give us a competitive advantage to further strengthen our leadership in the cards business.
“With the unique value proposition of the Maybank Shopee Credit Card and growing adoption of e-commerce, we anticipate this card will be a popular choice among Malaysian shoppers and are expecting a strong uptake, ” said Maybank’s Community Financial Services Group chief executive officer Datuk John Chong.
Visa Malaysia country manager Ng Kong Boon added: “Over the past few years many Malaysians have started to shop online and this trend has only accelerated, as people have been confined to their homes, to become the new normal. In fact, based on our data, e-commerce is growing five times faster as compared to face-to-face shopping.
“We also see that one in eight active Visa cardholders who did not use e-commerce last year made their first purchase online this year and top categories include essential goods and services, and retail purchases. (²)
“The launch of the Maybank Shopee credit card is extremely timely and we are proud to be partnering Malaysia’s largest banking and e-commerce player to drive digital payments usage in the country. Our role is to work with our partners to ensure that Malaysians have a seamless and secure online shopping experience so that they can shop and pay with confidence.”
Shopee regional managing director Ian Ho shared: “Shopee as a business has always been about impacting the local community in significant ways through our campaigns and collaborations with various stakeholders.
“This collaboration with Maybank and Visa is one that intends to help Malaysians with rising cost of living amid the socio-economic pressures brought about by Covid-19 as it offers users cash rebates in the form of Shopee Coins and more for all Shopee and offline spend.
“The card was designed to answer the needs of consumers today where shopping preferences have shifted as more are now relying on e-commerce even to get their staples, daily essentials and household necessities compared to years ago when users would only purchase things online if they are unable to get it offline.
“The launch of this card is indeed a milestone for us as it aligns with our commitment to use our technology to improve the livelihood of Malaysians with greater access, convenience and value.”
Malaysians between the ages of 21 and 65 years can apply for the card on Maybank2u and Shopee websites, and there will be a lifetime annual fee waiver for the card. Those with an annual income of RM36,000 are eligible to sign up and successful applicants will be treated to a welcome offer of 5,000 Shopee Coins when they spend RM300 within 60 days. To find out how you can apply for the Maybank Shopee credit card, click here.
The Maybank Shopee credit card launch is part of Shopee’s 7.7 Mid-Year Sale which ends today (July 7) where Shopee users get to enjoy 50% coins cashback, RM0.77 deals, as well as win more Shopee Coins by playing Shopee Games.
For more information on Shopee 7.7 Mid Year Sale, visit https://shopee.com.my/77.
¹ Shopee’s official virtual currency - Shopee Coins cannot be exchanged for cash or transferred to another account. 100 Shopee Coins entitle users to a RM1 discount off any order from Shopee Mall or Shopee Preferred sellers.
² VisaNet data as of March 2020
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