Bank Mandiri and Traveloka partner for co-branded card targeted at Millennials

Indonesia's Bank Mandiri has tied up with Traveloka to introduce a co-branded credit card known as Traveloka Mandiri Card targeted at Millennials, in hopes of getting them to fully utilise banking product and services. The partnership also enabled travellers to obtain more benefits when exploring various tourist destinations both at home and abroad.

The co-branded card allows for users to get more Traveloka Points for shopping transactions; double the acquisition of Traveloka Points by purchasing airline and hotel tickets on the platform; and obtain free travel insurance and purchase protection. Users of the Traveloka Mandiri Card are also entitled to a flexible points exchange system and can shop wherever Visa is accepted, at about 61 million merchant locations globally. Marketing Interactive has reached out to Traveloka for additional information.

Bank Mandiri's consumer and retail transaction director, Hery Gunardi, said the collaboration is in line with the bank's commitment to offer the best experience for consumers and also support the tourism sector and the creative economy in Indonesia. Gunardi added that tourism is one of the main sectors that can drive Indonesia's economic growth in a sustainable manner. As the tourism sector continues to grow, he explained that the bank is confident in its ability to strengthen and increase its market share in developing this sector.

Until the end of 2019, the number of Bank Mandiri credit card holders reached two million with a financial transaction value of IDR43 trillion, growing 16% from the previous year. Of this value, transactions used for traveler's needs are estimated at 17%, the bank said in the press statement.

Gunardi added that through this co-branded credit card, he hopes to increase the composition of traveler financing in this business to 20% so that it can encourage the growth of Mandiri's credit card business in the range of 10% by the end of 2020.

Meanwhile Henry Hendrawan, president, Traveloka Group Operations said, Traveloka's partnership with Bank Mandiri enables it to provide added value and convenience for Traveloka Mandiri Card users, with the main goal of making it easier for users to meet their travel and lifestyle needs.

"Through Traveloka Mandiri Card, users can not only get more Traveloka Points, but also enjoy exclusive promotions and a variety of products that can be exchanged for Traveloka Points. With offers that can be utilised by users, the Traveloka Mandiri Card can be categorised as a card specifically designed for the millennial generation of Indonesia," he added.

Last month, Traveloka tied up with Bank Negara Indonesia to make payments easier by allowing credit approved users to transact and pay for it at a later time without using a credit card. Traveloka introduced its Traveloka PayLater service in 2018.