VIB launches LazCard card, offering up to 50% cashback on Lazada

Wednesday, Jan 04, 2023 12:13

With technologies first deployed by VIB in Viet Nam, LazCard is expected to provide customers with convenient shopping experience from opening cards to paying quickly, safely and seamlessly. — Photo courtesy of VIB

Vietnam International Bank (VIB) has launched LazCard - a new card line which offers users 50 per cent cashback on the Lazada Vietnam e-commerce platform.

With technologies first deployed by VIB in Viet Nam, LazCard is expected to provide customers with a convenient shopping experience from opening cards to paying quickly, safely and seamlessly. This is a co-branded credit card that VIB has launched in cooperation with global payment technology company Visa and e-commerce platform Lazada.

Tran Thu Huong, Head of Strategy and Head of Retail Banking at VIB, said as a leader in credit card trends in Viet Nam, VIB has been investing, researching and teaming up with leading partners in the country and in the world to create card lines with modern technology, different features in order to bring outstanding and unprecedented benefits for users.

The LazCard - the current leading Ecom card line which VIB has debuted in cooperation with Visa and Lazada will not only bring more value to customers but also better affirm VIB's position as the leading bank in card trends and a pioneer in bringing intelligent solutions for customers, Huong said.

"This is also our next step on the journey towards a cashless society,” she added.

Deputy General Director of Lazada Vietnam Dang Anh Dung said: "LazCard is the next initiative of Lazada and its partners in the journey to bring a smooth and convenient shopping experience to customers."

"We hope this card will become a trusted companion of customers thanks to its impressive offers and quick, safe and easy card opening process."

"As the leading e-commerce platform in Viet Nam, we will continue to coordinate with partners to bring more new payment services, thereby meeting the diverse needs of customers," Dung said.

Up to 50% cashback on Lazada

With up to 50 per cent cashback for online shopping, LazCard is now the leading Ecom card line. This rate includes 20 per cent points accumulation for cashback on spending and 30 per cent from online shopping vouchers via Lazada every Friday and special days exclusively for LazCard cardholders.

Accordingly, LazCard cardholders accumulate bonus points corresponding to 20 per cent on birthdays and 15 per cent on every other day of the year for spending through Lazada, up to 800,000 bonus points per statement period.

With a 30 per cent discount from shopping vouchers, LazCard cardholders using vouchers will receive an immediate discount of VND150,000 for orders worth from VND450,000 every Friday, VND1 million for orders worth from VND3 million on special days such as Lazada's birthday.

Visa's first co-branded card with integrated card technology in VN

LazCard is the first co-branded card that integrates international payment cards and credit cards on the same chip. With this technology, cardholders can always use multiple sources of funds from their credit card limit and payment account, which will provide them with a different cashless payment experience.

Integrated card technology also supports users to immediately own a LazCard card without having to prove income or having a credit history. If not eligible to open a credit card, customers can use LazCard for their regular payments to enjoy the privilege of completely free cashless payments for the first year. Credit limit will be automatically granted when customers meet VIB's conditions. The more spending they make, the higher limit they get.

LazCard card will be officially released from January 10. — Photo courtesy of VIB

Embedded Finance with Miniapp - first deployed by Lazada in VN

From January 3, customers can register to open LazCard cards completely online on VIB website or at Miniapp integrated right on the Lazada application. Miniapp allows seamless connection from card registration to approval so that customers can use the cards in just 15-30 minutes and maybe even faster thanks to the application of embedded finance technology. It is one of the six fintech trends in 2022 beside to Blockchain, web3, cross-border e-commerce, super apps and AI & machine learning.

This application was jointly deployed by VIB and Lazada for the first time in Viet Nam, helping to connect the bank with the payment ecosystem of a leading Ecom partner in the country and in the region.

Offers for LazCard cardholders

LazCard card will be officially released from January 10. Once customers successfully open a LazCard, their card information and their spending from VND1 million on Lazada within 30 days from the date of card issuance are saved, they will immediately receive a Lazada e-voucher of VND500,000.

According to VIB, the bank will offer Lazada e-voucher cardholders valued at VND100,000 on customers' birthdays. Free shipping e-voucher will be provided for LazCard cardholders by the bank every month.

LazCard cardholders also enjoy a series of attractive offers from VIB partners nationwide. Typically, VIB is offering customers cashback up to VND3 million when they shop at Parkson Le Thanh Ton in HCM City's District 1; up to VND1 million on Lazada, Shopee, Tiki in addition to VND10 million off when buying TJC jewelry; up to 20 per cent off on food, entertainment and travel at Agoda, IVIVU,, Zoomcar.

Details of offers and terms and conditions of LazCard are available at — VNS

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