SCB, The Mall Group, and Visa to launch SCB M Visa Prepaid Tourist Card for foreign travellers

Stocks and Financial Services Press Releases Tuesday May 14, 2019 16:11
Bangkok--14 May--The Mall Group

Siam Commercial Bank (SCB) has joined forces with The Mall Group and Visa to announce yet another remarkable SCB M Visa collaboration under "The First Evolution of Experiential Shopping" concept, aiming to meet the demands of every shopper and to remain true to the Bank' s commitment to help create a cashless society in Thailand. The collaborative partnership has embarked upon a new SCB M Visa Prepaid Tourist Card, exclusively customized for tourists visiting Thailand. The card meets global security standards, allowing users to conveniently and safely enjoy a seamless shopping experience. The card also offers additional privileges for tourists, including 10% discounts and M Points which can be accumulated for discounts and used at The Mall Group Shopping Complexes, comprising The Mall Department Stores, The Emporium, The Emquartier, Paragon Department Store, and Gourmet Market and many other privileges, including those offered by Visa in more than two hundred countries worldwide. SCB expects to achieve 50,000 SCB M Visa Prepaid Tourist Card users to spend more than 600 million baht within one year.

In announcing this collaborative effort, SCB FEVP & Head of Operations Function Ms. Jamaree Ketrakool said that "The launch of the SCB M Visa Prepaid Tourist Card marks another milestone in SCB M Visa cooperation between SCB and The Mall Group under the First Evolution of Experiential Shopping concept that seeks to meet the demands of every shopper by utilizing digital technology and financial innovations to design products and services offering seamless shopping experiences in both on-line and off-line modes for every lifestyle. This new product offers a new retail shopping experience and will strengthen new capabilities and opportunities to foster closer customer engagement for our key strategic partner, The Mall Group."

"The SCB M Visa Prepaid Tourist Card has been developed for foreign tourists arriving for leisure and shopping in Thailand. Application is easy, with only the need to present a passport at The Emporium, The Emquartier, Paragon Department Store, or an SCB Exchange Booth at the Don Muang Airport. Cards are valid for five years, allowing cardholders to enjoy special privileges during every visit to Thailand throughout the validity period. There is no entry, annual, top-up, or re-issuance fee, and cards can be topped-up for a minimum of 100 baht at any of the The Mall Group's customer service counters. Cardholders will not have to worry about exchange rates as transactions are made in Thai baht. The card also offers more privileges when using accumulated points for discounts at The Mall Group department stores, including other benefits offered by Visa in more than 200 countries worldwide," added Ms. Jamaree.

The Mall Group Chief Marketing Officer Ms. Voralak Tulaphorn said that, "The previous launch of the co-branded SCB M Visa card brought a new shopping experience for Thai customers. Recognizing the impact of tourism on other economic sectors particularly with The Emporium, The Emquartier, Paragon Department Store being world-class shopping destinations, The Mall Group has joined with leading strategic partners like Siam Commercial Bank and Visa, together with support of the Tourism Authority of Thailand to launch the must-have tourist essential SCB M Visa Prepaid Tourist Card for international travelers. The new card is a response to the government's National e-Payment policy to transform Thailand into a cashless society, while sustainably strengthening and promoting Thailand's tourism industry in tandem with The Mall Group's key strategy to expand its foreign customer base. The Mall Group has conducted research on the shopping behavior of tourists to lay out marketing plans to persuade them to return to Thailand, which will help generate more revenue for the country. The Mall Group has set a target of gaining 50,000 applications and more than 600 million baht in spending volume within one year."

"Cardholders will be eligible for 5-10% discounts at all The Mall Group department stores and Gourmet Markets, and up to 50% in discounts at shops located within the shopping complexes, including M privileges from leading partners nationwide and benefits from Visa in more than 200 countries worldwide. All spending will earn accumulated M Points, which can be used for additional discount and other privileges when shopping in Thailand," concluded Ms. Voralak.

Suripong Tantiyanon, Country Manager for Visa Thailand believes the launch of SCB-M-Visa tourist prepaid card is critical for both tourism industry and accelerating Thailand's journey towards a less-cash society. "The launch is the result of a long-term partnership and vision between The Mall Group, Siam Commercial Bank and Visa to modernize payments for tourists visiting Thailand. We believe the potential remains high for inbound tourists to help accelerate Thailand towards a less-cash society. A Visa study has shown that when it comes to making purchases at destination, international travellers predominantly use cash (52 per cent) along with a mix of emerging payment methods, including cards (39 per cent) and digital wallets (9 per cent). In addition to greater convenience, international security standards and confidence to spend during their time in Thailand, cardholders will also benefit from a number of privileges from more than 53 million Visa-accepting merchant locations in more than 200 countries around the world.

"We believe that the payment industry continues to have an important role to play in the development of tourism industry in Thailand. Travellers' needs and behaviors are inherently diverse therefore driving adoption and usage of digital payments will be key to unlocking the potential that will further benefit the tourism industry and the country's journey towards a less-cash society," concluded Mr. Suripong.

To celebrate the launch of the SCB M Visa Prepaid Tourist Card during 1 June – 31 December 2019, the first 1,000 customers showing their passports when applying will receive vouchers worth 500 baht when spending 2,000 baht or more at department stores. The card will be provided immediately, while earning privileges right away. Information and applications are available at the Tourist Lounge at the Emporium, The Emquartier, Paragon Department Store, and SCB Exchange Booths at Don Muang Airport.

Enjoy shopping and Visa privileges available in more than 53 million Visa-accepting merchant locations in 200 countries worldwide. Privileges are also offered at participating vendors nationwide, such as airlines, hotels, spas, restaurants, shops, tourist attractions, and other services.

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