E-commerce platform, Shopee has entered into a partnership with financial services provider, Maybank and digital payment service provider, Visa to introduce the lifestyle and e-commerce Platinum card, the Maybank Shopee Credit Card.
The launch comes at a time when more and more Malaysians are turning to e-commerce to get their essentials, with consumers spending an average of 20 percent more time on Shopee a week. Users of the new card will be rewarded with Shopee Coins for all their spending, be it online or offline.
Cardholders will also be able to earn more rewards when they spend during Shopee’s selected campaigns, and the accumulated Shopee Coins enable users to offset future purchases on the platform, and redeem vouchers including F&B and services from the Daily Coins Rewards feature on the App.
Malaysians, between the ages of 21 and 65, can apply for the card starting 1 July, and there will be a lifetime annual 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.
“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,” said John Chong, Maybank’s group chief executive officer, Community Financial Services.
Ian Ho, regional managing director of Shopee highlighted that the collaboration with Maybank and Visa aims to help Malaysians with the 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.
“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,” he added.
Visa Malaysia’s country manager, Ng Kong Boon said, “ 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.”