Mandiri and Shopee Officially Launched "Co-Brand" Credit Card

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.