KTC to drive user reward point system
Krungthai Card (KTC) will increase its merchant partnerships next year to strengthen its spending base and its reward-points system.
Piyasak Tejasen, senior executive vice president of KTC, said many cardholders seemed unaware that they can redeem reward points for products and services, so the company would communicate this to them through marketing activities. It will also increase the variety of rewards available by seeking new merchant partners in all categories.
He said the company had about 2,000 merchant partners that accept redemption of points. KTC has 1.6 million credit cards providing 13 billion potential reward points but there is little opportunity to redeem them.
KTC cardholders earn one reward point for every Bt25 they spend.
Redemptions cost Bt100 million out of the firm’s annual marketing activities, but the reward system is an important way to ensure cardholders’ loyalty, he said.
The return to profitability in the second quarter will allow the company to resume marketing campaigns in the current quarter after suspending such activities in the first half of the year.
These campaigns are expected to boost the additional spending of 20-30 per cent from normal of 10 per cent. ???
Total spending on KTC cards this year should reach Bt110 billion, up from the target of Bt100 billion, he added.
The firm yesterday launched its first major campaign of the year, "Amazing KTC Gold", to boost card spending and personal loans.
Also during this final quarter of the year, KTC plans to launch an online channel to capture smart-phone and tablet users, Piyasak said. The coming of third-generation service for smart phones will help boost transactions via this channel.
