Thailand’s Bank Co. Ltd. has launched the country’s first Visa-branded prepaid gift card with the hope of attracting new, young customers ahead of the Chinese New Year, which begins Jan. 23.
The target segment for Krungsri Gift Card are the university students and graduates with their first jobs, a spokesperson for the bank tells PaymentsSource. The issuer launched the card in conjunction with the Chinese New Year knowing it is a time when young consumers tend to shop, he says.
“The launch has been also partly inspired by the success of our gift check business in the country,” he says. “Annually, the bank issues up to 400,000 gift checks a year with an average value of 10,000 baht [US$315 or 245 euros] each.”
The bank hopes this year to issue 150,000 cards with an average value of 3,000 baht each, the spokesperson says.
The nonreloadable gift cards are available in denominations of 1,000, 3,000 and 10,000 baht. The bank charges 30 baht per card plus a 50 baht annual fee, he adds.
What do you think about this? Send us your feedback.
