Bangkok--Oct 21--KASIKORNBANK
KASIKORNBANK has recently launched the ‘Ideal’ card, a high technology chip-embedded card that will bring the highest value to cardholders. Lately, the Bank has joined hands with 60 well-known brand name merchants to provide special privileges exclusively tailored to each customer. The Bank has set a target of replacing 800,000 conventional credit cards with chip-embedded cards within two years.
Ms. Porawan Sudsok, First Vice President, Credit Card Product Management and Marketing Department, KASIKORNBANK revealed that the Bank had added to the special privileges for KBank’s ‘Ideal’ Cardholders through the use of chip-embedded technology in cards for storing data on customers’ purchases. In so doing, each participating store will be able to offer special privileges to credit cardholders right at the sales point.
Since mid-October, the Bank and its business partners including merchants and 60 leading brand dealers in five categories of goods and services, i.e., lifestyle shopping, restaurants, sports, traveling, spas and health, totaling 97 outlets have been offering these special privileges to customers. Among t he participating stores and brands are Emporio Armani, Burberry, Bally, Asia Books, Gianni Ristorante, Rayavadee, Veranda Resort&Spa and Thai Privilege Spa. The Bank plans to increase the number of participating stores in the future.
Each participating store will organize special promotional programs for ‘Ideal’ cardholders. The Bank has developed a program to be used with Electronic Data Capture (EDC) terminals for these stores to enable communication with chip-embedded cards to record data, i.e., accumulated purchases, volume of credit card use, etc. ‘Ideal’ cardholders will thus be eligible for special discounts, gifts and birthday presents. These special privileges can be exercised immediately with no need to use discount coupons. KBank is the first bank in Thailand to have developed this technology in granting benefits for chip cardholders, which will enable the Bank to organize a greater variety of sales promotion programs than general credit cards.
Moreover, the holders of ‘Ideal’ cards can participate in other sales promotion campaigns organized by the Bank, such as the special bonus point accumulation plans of KBank Value Choice from now until December 31, 2005. Upon spending with the ‘Ideal’ credit card in amounts of THB20,001-40,000 the cardholder will get twice the normal bonus points, three times the normal point allotment for spending between THB40,001-60,000, and four times the normal point allotment for spending THB60,001 or more. Cardholders will also have the opportunity to participate in the sweepstakes, “THB100,000 Jackpot Every Week”; a prize drawing for ten prizes of THB10,000 cash every week for 25 weeks, and in February 2006, a grand prize of one ‘MINI ONE LOOK 2’ car valued at THB2,200,000.
Ms. Porawan also revealed that the Bank had already issued 14,000 ‘Ideal’ cards to customers, most of them being platinum and gold cards because they have a high credit lines. Changing to chip cards also ensures cardholders of greater safety in spending. The Bank has a target of issuing 40,000 ‘Ideal’ cards this year, and next year it will gradually change conventional Visa Classic cards to ‘Ideal’ cards. KBank also aims to change all existing 800,000 conventional KBank VISA cards and MasterCards to chip cards within the next 2 years. End.