By The Nation
The new business has now secured as strategic partners the credit-card issuers of Citibank, the Government Savings Bank, Krungsri Credit Card, Krungsri First Choice, KTC (part of Krungthai Bank), Siam Commercial Bank, Thanachart Bank, and TMB Bank, DigitaLife senior vice president Nonti Suptasavee said on Monday.
Users of xCash get discounts as cashback points at participating shops and accumulate them from any spending they make via cash, credit/debit card, PromptPay or similar means by using the xCash app to scan QR Code, he said.
These points can be converted into cash points that can be used for product/service payments to any xCash partner outlet, transferred to other xCash members, or donated to charities that join xCash, with one xCash point equivalent to Bt1.
To date, xCash is Thailand’s only app to offer unlimited benefits to users based on “the more you spend, the more you get”, Nonti said.
“Holders of credit cards issued by our eight bank/financial-institution partners can also turn 1,000 reward points in their credit-card accounts into 100 xCash points. Each xCash point is equivalent to one baht. We believe this conversion will encourage consumers’ spending.
“Many privileges are associated with xCash. Reward points can also be redeemed as cash points, gifts to friends, and even donations to charities. In the near future, we will add an xPay function to facilitate credit-/debit-card payments without requiring app users to carry a physical card. This feature promises to increase card users’ safety,” Nonti explained.
Since its launch last September, xCash app has already had 52,000 downloads during its test period.
DTGO now expects downloads to leap to 700,000 before the end of this year.
More than 300 shops in Bangkok and neighbouring provinces have signed up as xCash partners.
With the expansion of the app’s network, over 2,000 shops are expected to join, not only in greater Bangkok but also in other big cities such as Chiang Mai, Chon Buri, Phuket, Khon Kaen and Songkhla.
Major groups of partners are restaurants, cafés, bars, beauty clinics, health businesses, automobile facilities, IT product shops, language schools, tutorial schools, and shops along subway/Skytrain routes.
xCash points are expected to generate Bt600 million of spending in the Thai economy each year, thanks partly to partnerships with credit-card companies, the executive said.
DTGO derives revenue from xCash through revenue-sharing agreements with xCash partners, and xCash is forecast to provide about Bt200 million in such revenue to DTGO over three years, he added.