Bangkok--20 Jan--KASIKORNBANK
KBank joins hands with the King Power Group to introduce the KBank-King Power co-branded credit card, targeting businesspeople and tourists who travel a lot and enjoy shopping abroad. More than 98 percent of these target markets use credit cards, spending on average 44,000 Baht per trip. Both the King Power Group and KBank plan to offer exclusive privileges, including rewards points and up to 20-percent discounts. Shopping on this card is expected to reach 27 billion Baht in five years.
According to Mr. Banthoon Lamsam, KASIKORNBANK Chairman of the Board, spending via K-Credit Cards overseas in 2015 grew substantially by 15 percent YoY. Given this, KBank and the King Power Groupboth having partnered up on various other projectsdecided to fortify their alliance by introducing the KBank-King Power co-branded credit card, in order to broaden their collective tourist and businesspeople customer base. With a single card, King Power and KBank offer a bundle of special privileges that perfectly match customers' lifestyles.
The KBank-King Power co-branded credit card will be available in two typesthe Signature Card and the Platinum Card. Special privileges are on offer for those who use their cards at any King Power outlet, including up to 20-percent discounts on purchases, up to 2x KBank Reward Points, additional 25 percent of King Power "Carats", and installment plans with 0-percent interest for at least four months or up to 10 months. Moreover, customers will be eligible to receive up to 30-percent cash voucher under the King Power Birthday Celebration program, special discounts on currency exchanges at KBank Branches, travel insurance, and special offers from KASIKORN LEASING Co., Ltd.
Mr. Banthoon said that King Power is one of the best duty free shops. This collaboration will help both KBank and King Power expand their quality customer bases, while also encouraging Thai people to shop in Thailand. The Bank believes that this co-branded credit card will be popular among Thai shoppers who enjoy quality purchases, especially K-Credit card holders who have accumulated the highest spending value in our system. The Bank projects to issue 70,000 cards in five years, with 27 billion Baht or over spent via the card.
KBank has already issued 3.65 million credit cards so far, 800,000 of which are co-branded, registering 330 billion Baht in total spending in 2015. Its 24-percent market share earns the Bank top spot in Thailand's credit card business.
"The number of Thais going abroad last year totaled over 5 million, with an expected uptrend. At King Power, our business motto is to do our best in understanding travelers, which has led to this partnership between King Power and KBank. We hope to accommodate travelers who spend via this co-branded card both at home and abroad, giving them the best privileges that satisfactorily respond to their needs", said King Power Group Chairman, Mr. Vichai Srivaddhanaprabha.
"With growing numbers of Thai customers, who travel both for pleasure and for business, we decided to establish this collaboration with KBank to increase choice and improve benefits for the KBank-King Power co-branded credit cardholders. In doing so, we also look forward to expanding our new customer base, considering that KBank cardholders consistently spend at King Power. This clientele is our prime target and it is our greatest wish to ensure their maximum satisfaction."
To apply for the KBank-King Power co-branded credit card, visit any KBank branch nationwide, King Power Downtown Rangnam Complex, or call K-Contact Center at Tel. No. 0-2888-8889.