Bank of China, Qoo10 launch co-brand Mastercard credit card for online shoppers

Bank of China Singapore Branch (BOCSG) has launched a co-brand Mastercard credit card with online retailer Qoo10. The new card, which caters to working adults and students, aims to bring greater value to online shoppers and drive e-commerce growth in the region.

Cardholders can enjoy up to 20% rebate on Qoo10, dining and transport (including Grab, taxis and public transport) spend amongst others. The rebate will come in the form of Qmoney – Qoo10’s own currency – which can be used to offset future purchases.

[caption id="attachment_8138" align="alignnone" width="720"] From left: Deborah Heng, country manager, Mastercard Singapore; Cho Hyun Wook, country manager, Qoo10 Singapore; & Wang Fang, deputy general manager, deputy country head, Bank of China Singapore Branch celebrate the launch of the co-branded credit card.[/caption]

Qiu Zhikun, general manager of Bank of China Singapore Branch, Country Head, said: “Consumers today are increasingly turning to online retail channels for better savings, and we want to help them maximise that value. This is why we are excited to collaborate with Qoo10, in the first of such a partnership between a bank and online retailer in Singapore. The new Bank of China Qoo10 Mastercard card aims to reward and incentivise customer loyalty, bringing greater value to an ever-growing segment of savvy online shoppers.”

“This card is the latest in Bank of China’s payment innovation efforts, following the launch of our e-wallet app and customer service robot powered by artificial intelligence last year. We will continue to use technology to create products that enhance the customer experience, while supporting Singapore’s vision for a Smart Nation. This year, we will launch BOC’s first regional innovation centre to showcase our latest fintech ideas and technologies.”

Cho Hyun Wook, country manager, Qoo10 Singapore, said: “With our renewed focus on Singapore as part of our overall strategy, our goal at Qoo10 is to continuously improve and evolve our value-add services for our subscribers in the country. This partnership with Bank of China helps us elevate our offerings for our database of more than three million registered users by allowing them to get more of what they love – better value and convenience even beyond the Qoo10 platform.”

Findings from the Mastercard Online Shopping Survey shows that Qoo10 is one of the most frequently visited websites for online shopping in Singapore. The report also found that around 80% of consumers perceive online shopping as convenient and tend to revisit the same e-commerce sites. However, despite high e-commerce adoption, convenient payment methods and payment security continue to be the top two aspects impacting online shopping.

Deborah Heng, country manager, Mastercard Singapore, said: “In recent years, online shopping has become increasingly popular, with more than 75% of consumers in Singapore making purchases online. In addition to enjoying the simplicity and convenience of Mastercard’s innovative payment technologies, BOC cardholders will also value the peace of mind provided by our best-in-class safety and security features.”

By Muneerah Bee