New mobile app ChomChob allows Thailand consumers to redeem reward points accumulated on their credit- and debit-card purchases.
Developed locally, the points-accumulation app aims to capitalise on the trend toward a cashless society while reducing complexity for credit-card holders.
Customers who download the app will have options to convert their card points into ChomChob reward points. They can also redeem 1000 reward points for a cash coupon worth 100 baht (US$2.85).
ChomChob has agreements with four banks on the point-accumulation program: Kasikornbank, Bank of Ayudhya and its personal loan unit Krungsri First Choice, Krungthai Bank and Thanachart Bank.
“All major commercial banks will participate in our program by year-end,” says ChomChob Group co-founder/MD Thanwarat Chailert.
She says their research has found that the average Thai consumer who uses payment cards has an average of two to three credit cards. There are about 5 billion cards in use in Thailand, including debit cards, credit cards and privilege cards.
Thanwarat says ChomChob is talking with some eCommerce groups and the Line Corporation about participating in its point accumulation program. It has about 1000 retail partners, including fast-food restaurant McDonald’s. It expects it partners to surge to 10,000 by year end.
About 31.85 billion credit-card reward points are generated annually in Thailand, plus another 16.2 billion reward points from other privilege cards, says Thanwarat.
She says ChomChob expects to have 1 million users by next year, and is primarily targeting female consumers between 22 and 35 years old. The company earns revenue through mobile advertising, plus a commission from its partners when customers redeem points through purchases.
