StanChart eyes lower ATM costs with card shopping
Clients of Standard Chartered Bank #ticker:SCBK will earn loyalty points for shopping using their debit cards, the lender announced on Monday, in a bid to lower costs for operating Automated Teller Machines (ATMs).
StanChart has partnered with card payments giant Visa to extend the scheme, which has been available to credit card holders for two years, to debit card holders who dominate the Kenya’s under-utilised payment cards market.
The rebranded scheme, dubbed 360° Rewards, is seen as a long-term strategy by the country’s fifth largest bank by market share to drive cashless transactions and cut investments in ATM machines.
For every Sh100 spent for shopping, customers will earn a point which they will accumulate and redeem for a shopping voucher at selected stores.
Online registration is required for one to redeem points which are accumulate whenever they pay for goods and services by swiping their cards at Point of Sale (POS) or paying online.
“This is an end to end solution managing both earning and usage of reward points via a comprehensive rewards catalogue,” head of retail banking David Idoru said Monday.
“We have more than 260,000 items in the catalogue.”
Shoe maker Bata, Chandarana FoodPlus Supermarkets, Hotpoint Appliances, Artcaffé Coffee and Bakery, Texbook Centre, beauty and fashion firm Ashley’s Kenya and online shopping platform Jumia are the first merchants on board, StanChart and Visa said.
“Consumers will be able to ease and safety, while generating enough points to earn a memorable reward,” Visa country manager Victor Ndlovu said.