Malaysia’s first CarbonNeutral® credit card taps into rising trend of online spending
With more and more Malaysian consumers moving towards online spending, Standard Chartered Malaysia has launched the Standard Chartered Smart credit card – the country’s first CarbonNeutral® card where all emissions associated with its production is calculated and offset.
Designed with a sleek silver look for the millennial who uses e-Wallets heavily and spends significantly on digital devices, the card offers up to 30% cashback for purchases on participating e-commerce platforms as well as on top-ups and purchases made with Boost, Fave and Grab. Cardholders also enjoy up to 6% cashback on selected digital lifestyle spend such as Netflix and Spotify subscriptions.
“This is the first CarbonNeutral® credit card introduced to Malaysians and cardholders are rewarded whenever they make purchases on participating e-commerce platforms and top up their e-Wallets using the Standard Chartered Smart credit card. The pandemic has led to an acceleration in digital adoption by consumers, particularly e-commerce, and we see this trend happening in Malaysia. We believe it is extremely timely for us to introduce this card, with our valued partner Standard Chartered Malaysia, that focuses on young adults and first jobbers who have a more digital lifestyle and are turning to online shopping for their daily needs,” said Ng Kong Boon, Country Manager for Visa Malaysia.
A recent survey conducted by Standard Chartered revealed that almost two-thirds of Malaysians are more positive about online shopping now due to COVID-19. Over half (51%) would prefer to make their purchases online as opposed to visiting a physical store – a significant shift compared to the 30% who preferred online shopping prior to the pandemic.
Consumers also noted an increase in their purchases with the onset of COVID-19, spending more on digital devices – a trend which they expect to continue in the near future. Additionally, close to 80% of Malaysians are expecting the society to go fully cashless, with a majority of them foreseeing this to happen by 2030.
Abrar A. Anwar, Managing Director and Chief Executive Officer of Standard Chartered Malaysia said, “Millennials make up about 30% of Malaysia’s population, with a majority of them already in the workforce and progressively having more purchasing power and higher propensity to spend. The Standard Chartered Smart credit card aims to tap into this segment by catering specifically to their distinctive spending patterns. “Through strategic partnerships with selected merchants, it appeals to the purchasing habits of a generation who is inclined towards e-commerce and digital lifestyle spend. The card rewards them with attractive cashbacks while also supporting a sustainable future with the nation’s first CarbonNeutral® card – essentially, winning at life.”