Mandiri and Shopee Officially Launched "Co-Brand" Credit Card
Previously, Bank Mandiri also has collaboration with Traveloka
Bank Mandiri and Shopee launched a co-brand credit card, the Mandiri Kartu Kredit Shopee, by leveraging the global Visa network. This is said to be the first collaboration in Indonesia, offering the convenience of non-cash transactions on the marketplace platform using a credit card.
On a general note, Indonesia's credit card penetration is classified as minimal. Based on Bank Indonesia's data, the number of commercial bank credit cards as of the end of December 2020 was at 16.94 million, down 3.14% YoY from the previous year at 17.49 million. The credit card transactions volume was at 274.68 million, down 21.34% on an annual basis.
Shopee's presence in Indonesia as a marketplace platform with the highest average visits of up to 90 million times over the past year, according to the iPrice report, is an opportunity to drive credit card penetration.
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