"SCB" to join forces with "Mastercard" to win the "Young-Gen" with "LET'S SCB Debit Mastercard" offering the right choices for various lifestyles

Monday 05 April 2021 09:53
Siam Commercial Bank (SCB) has been quick to realize the cashless trend in consumer behavior. Especially during the COVID-19 outbreak, more and more people are avoiding using cash and instead adopting contactless payment methods, leading to significant growth opportunities and potential for the debit card market in Thailand. SCB is therefore moving forward with its efforts to win the young-gen market by joining force with the world leader in payment technology, Mastercard, as its strategic partner to launch the "LET'S SCB Debit Mastercard" under a "Choose Your Choice" concept. "LET'S SCB Debit Mastercard" will become Thailand's first debit card allowing customers to choose benefits which truly match their lifestyles in three categories -- Eat-Shop-Play -- offering numerous discounts of up to 10,000 baht or more per year from over 35 business partners. As part of the campaign, SCB is using a variety of integrated marketing tools and embracing "Music Marketing" featuring singer Paris "Ice" Intarakomalyasut, who has produced an exclusive "LET'S LOVE" single to create more appeal and brand awareness. Debit card is a fundamental payment product that will build engagement and connect young-gen customers with the Bank before introducing them to other financial products and services in the future. SCB plans to achieve its target of more than 3 million new debit cards by 2021, boosting card transaction and card usage volume by 30%. Ultimately, SCB hopes to encourage Thais to switch to using debit cards instead of cash, driving Thailand towards becoming a completely cashless society.

In announcing the new campaign, SCB Senior Executive Vice President and Chief Retail and Business Banking Officer Ms. Auraratana Jutimitta revealed that, "In 2021, the Bank is focusing on customers in the young-gen segment, with debit card as the first banking product to start relationship and foster closer engagement between young-gen cardholders and the Bank before introducing them to other financial products and services in the future. For its latest product - "LET'S SCB Debit Mastercard", SCB has collaborated with its long-time strategic partner "Mastercard", the global leader in payment technology in developing and designing "LET'S SCB Debit Mastercard" to magnetize the new generation under the "Choose Your Choice" concept, highlighting it as Thailand's first debit card giving customers the choice to enjoy benefits according to their needs in three popular categories: LET'S EAT, SHOP and PLAY. This new concept aims to solve the pain point for most debit cardholders who normally receive unmatched benefits to their behaviors. In addition, the Bank has joined forces with Thaivivat Insurance to offer cardholders "LET'S PROTECT" insurance coverage free of charge for 20 hours in four coverage groups, comprising of auto insurance, COVID-19 insurance, travel insurance, and burglary insurance. Coverage hours can be topped up at a special price of less than one baht per hour."

"In order to create awareness and better reach its young-gen target group, SCB has embraced a "Music Marketing" strategy and selected famous singer and actor Paris "Ice" Intarakomalyasut to represent the new generation as the campaign presenter. His new exclusive "LET'S LOVE" single will help increase awareness and convey card benefits through integrated marking tools. By the end of 2021, SCB targets to have 3 million more debit cards and boost card transactions and spending up by 30%. SCB expects that the selectable benefits of up to 10,000 baht or more per year will receive a positive response by winning the hearts of new generation customers and encourage more Thais to switch to using debit cards instead of cash, driving Thailand towards a fully cashless society", added Ms. Auraratana Jutimitta.

Mastercard Thailand & Myanmar Country Manager Ms. Aileen Chew noted that, "The global debit card market has been growing steadily in line with modern consumer behavior transitioning towards a cashless society. When looking closely at Thailand, we see that in 2020 there were approximately 64 million debit cards, or almost one card for every person in Thailand, which is lower than the number of debit cards per capita globally and in the Asia-Pacific region. However, the COVID situation last year accelerated the cashless trend, and more Thais are avoiding using cash and switching to contactless payments, with usage soaring over 30%. The trend reflects the growth prospects for the debit card market in Thailand. The SCB Debit Mastercard has seen a total number of transactions growth rate from 2017 to 2020 of 33% per year, with the number of transactions per card in 2020 being 25% higher than the previous year, and 63% more active than the average debit cardholder in Thailand. These statistics clearly demonstrate the engagement between SCB and its debit card customers. With the launch of the LET'S SCB Debit Mastercard, Mastercard is honored to partner with SCB to create products that help promote and foster a cashless society in Thailand, along with providing benefits meeting customer lifestyles. We believe that the outstanding features of the LET'S SCB Debit Mastercard offer benefits matching cardholder lifestyles, and this campaign will act as a key incentive for Thais to switch to using debit cards instead of cash. Customers will be able to enjoy even more safe, worry-free, and convenient "EAT-SHOP-PLAY" activities, transforming Thailand into a cashless society."

"LET'S SCB Debit Mastercard" is the first and only debit card offering cardholders the best new experience, combining benefits and discounts worth up to 10,000 baht or more per year from over 35 partners, as follows:

Step 1: "Right Choice" benefits that can be selected to meet the needs of each customer.

  • New and current SCB Debit Mastercard customers can choose special privileges to receive discounts and cash back via LINE SCB Connect.
  • LET'S EAT: Special privileges and discounts at restaurants, beverages and food delivery.
  • LET'S SHOP: Many privileges and discounts for shopping at leading stores and online shopping.
  • LET'S PLAY: Perks and discounts for entertainment, such as games, movies, and travel.

Step 2: Special benefits for all SCB Debit Mastercard customers

  • Free! LET'S PROTECT insurance coverage (for auto, COVID-19, travel, and burglary) allows customers to on/off their coverage free of charge for 20 hours and top up additional hours at a very special rate of less than 1 baht per hour.
  • Robinhood: Free! 50-baht discount coupon when ordering food through the application twice or more per month.
  • Agoda: Get up to an 8% discount on hotel bookings via Agoda
  • Minor Hotel Group - hotels in Thailand: Enjoy up to 25% off at Anantara and Avani.
  • S&P: 15% special discount when buying a cake in your birth month.
  • Grab: Get 5% cash back for the next use of Grab Ride, Grab Mart, and Grab Express service.
  • Free dining for one at over 200 participating restaurants worldwide, including 34 restaurants in Thailand, and a 15% discount for the a la carte menu at participating Italian restaurants throughout Bangkok.
  • Discounts for online purchases from leading brands.
  • Free one-night stays when booking for 3 or 4 nights or longer at more than 400 accommodations worldwide. Book now and travel anytime. Book a special price room which allows a change of stay date once a year.

Step 3: Special privileges for new customers (1 April - 30 September 2021)

  • Receive 3% cash back for every 700 baht / sales slip when filling up the tank at any Shell gas station.
  • Free! Watch the VIU Premium Package for 3 months.

Source: Siam Commercial Bank