Citi partners with MoneyBack for customer rewards
Citi is partnering with MoneyBack, the customer loyalty programme operated by health and beauty retailer Watson Group, for a new API integration.
By integrating Citi rewards into the MoneyBack platform, Citi cardholders can convert their credit card points into MoneyBack points on the website or mobile app, which then can be used at over 600 partner outlets for discounts, including PARKnSHOP and Watsons and Fortress retail chains.
Citi told FinTech Futures that the 600 retail outlets refer to the combined total number of physical retail outlets operated under the three brands: ParknShop (supermarket chain), Fortress (consumer electronic and electrical appliances), and Watson’s (health and beauty chain) in Hong Kong.
This launch follows the series of partnerships announced by Citi in 2018, which involve the use of the bank’s proprietary APIs. In Hong Kong, Citi has so far published 37 APIs through the Citi Developer Portal.
The launch of the Citi Developer Portal and adopting an open API architecture are part of Citi’s strategy to digitise its credit card business.
At Citi Hong Kong, currently one in three new credit cards and over 60% of personal loans come from online applications, and over 80% of reward redemptions are performed through digital channels.