Two-way Exchange Available on Mobile Apps Free-of-charge, Extending Redemption Capabilities and Benefits of Both RewardCash and MoneyBack Points
HSBC and AS Watson Group (ASW) today announced a first-ever partnership that enables instant bilateral conversions between HSBC Credit Card RewardCash (RC) and ASW’s MoneyBack Points (MB Points). The interoperable rewards conversion programme will allow customers to exchange RC for MB Points, or vice versa, broadening the usability of rewards on both platforms.
HSBC Hong Kong personal credit card holders can convert their RC into MB Points instantly and free-of-charge via the HSBC Reward+ app, where the converted points can be directly used at over 600 partner outlets, including PARKnSHOP, Fortress and Watsons, for cash discount, merchandise redemptions and other options. Equally, MoneyBack members can convert their MB Points through the MoneyBack app free-of-charge into RC to settle any of their HSBC credit card transactions, share their RC with friends and family, redeem for shopping vouchers and more.
Greg Hingston, Head of Retail Banking and Wealth Management, Hong Kong, HSBC, said, “We are very pleased to partner with AS Watson to launch our first interoperable rewards conversion programme, providing our credit card customers another simple and convenient way to use RewardCash. This is the next step in a bigger programme that demonstrates our commitment to finding new ways to add value to the services we provide to our customers. With over 4 million credit cards in circulation, mobile banking apps such as Reward+ are no longer just a convenient way to check your balances, they are an integral part of the banking experience. This new feature rewards our loyal customers in a creative way, giving them the power of choice.”
The partnership allows customers to convert RC and MB Points instantly at a rate of 1 RC to 50 MB points. Conversions can be done instantly with a few taps on the mobile apps, in a highly secured manner. Firstly, HSBC credit card holders need to connect their MoneyBack account in the HSBC Reward+ app. After successful binding, they just need to input the amount of RC to be converted into MB Points and complete the instruction with a few steps. An SMS and email will be sent to customers as confirmation. On the other hand, MoneyBack members can convert their points into RC on the MoneyBack app by providing their HSBC credit card number and registered mobile number for identification. They will receive a one-time password via SMS to verify the conversion request.
Dominic Lai, Group Managing Director of ASW, said, “We are excited about the partnership with HSBC, making shopping more rewarding for our customers. With over 3.8 million members, MoneyBack is the largest retail membership programme in Hong Kong and it has become part of the daily life of every Hong Kong people. We believe that the partnership of two biggest reward programmes will further enhance customer connectivity as well as create more business opportunities.”
From today until 31 August 2019, HSBC Reward+ users will enjoy an extra 50% MB Points when converting from RC to MB Points, with a maximum bonus of 2,500 MB Points per customer.
The latest partnership with MoneyBack adds to the existing suite of credit card features available to Hong Kong users of the HSBC Reward+ app. Since April 2019, sharing RC between HSBC credit card holders has become possible through the HSBC Reward+ app and around 200,000 transactions are recorded so far. With the new feature launch, the RC shared between friends and family can be used not just for offsetting credit card transactions, but also converting into MB points to instantly offset payment at their purchase at many ASW merchants. Customers can save their time and effort to redeem for physical vouchers.
For more information about the conversion between RC and MB points and the respective promotion T&C, please visit: www.redhotoffers.hsbc.com.hk/en/latest-offers/reward-plus-rewardcash-moneyback
