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IKEA collaborates with Mastercard and Citi to launch its credit card in India

By Edil Corneille

October 15, 2020

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MastercardCitibank India (Citi) and Mastercard today jointly announced the launch of the ‘IKEA Family Credit Card by Citi’. The card provides instant in-store card bookings, direct payments via Bharat QR, accelerated reward points and EMIs facilities. Furthermore, the card will also offer reward points on all purchases with instant reward redemption at IKEA. At the end of September, it was announced that IKEA partnered with Qatar National Bank and Mastercard in the Qatari e-commerce space.

The IKEA Family Credit Card by Citi is available to IKEA Family members at ‘zero joining fee and zero annual fee’ and can be used for purchases made on IKEA’s online and offline stores, or anywhere in the world.

Together with Citi, IKEA has secured an affordable EMI option for the customers that extends from 03 to 48 months. The in-store card application process is completely digital with instant verification and immediate usage. Customers can simply apply for the card when they visit the IKEA Hyderabad store or leave a message on the IKEA website expressing an interest to apply.

“The card is an excellent example of the way we want to meet the needs of the customers in India. It makes our products affordable to the many, it is executed in a simple, digital and secure manner making access to credit faster for the customers. We want to ensure IKEA continues to be a great place to shop while meeting the growing need for personalization, relevance and to be easy-on-pockets for the customers,” said Preet Dhupar, Chief Finance Officer and Sustainability Lead, IKEA India elucidated.

Porush Singh, Division President, South Asia, Mastercard enthused, “Mastercard is excited to partner with Citi and IKEA for the launch of IKEA’s first co-branded card in India. Over the last few years, co-branded cards have emerged as a way to generating loyalty of customers to the partner as well attracting new shoppers. Given Mastercard’s global leadership in the co-branded card space, and the constant emphasis on enhanced user experience, safety and security of payments, the IKEA Family Credit Card by Citi will provide greater value to cardholders who are shoppers at IKEA. The partnership will also go a long way in driving affordability among consumers, not just during the upcoming festive season but even thereafter.”

“Our association with IKEA has grown from a pure banking relationship with the launch of IKEA’s first store, to one of innovation and partnership that we expect will delight IKEA customers in India. We will continue to partner with IKEA on their universal banking needs in India,” Anand Chandrasekhar, Head of Global Subsidiaries Group in India, Citi enunciated.

IKEA and Citi’s banking relationship extends several decades and spans 11 countries. Besides catering to IKEA’s banking needs across cash management, digitization and capital flows in India, Citi also acts as an advisor on industry best practices. This is the very first consumer credit card partnership between IKEA and Citi globally.

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