Mastercard and Daraz partner to promote e-commerce and digital payments in Sri Lanka

~ Signs exclusive agreement to offer greatest value when paying with Mastercard cards ~

Mastercard and Daraz recently announced the formation of a strategic alliance to encourage and reward the use of e-commerce platforms and digital payments in Sri Lanka. The partnership is part of their efforts to support the Sri Lankan government’s plans to expand the adoption of digital transactions in the country.

The first stage of the partnership will see shoppers being entitled to additional discounts and privileges on Daraz when paying with their Mastercard credit or debit cards issued in Sri Lanka. This will be over and above the discounts and promotions already on offer on Daraz.  This will also apply to all discounts offered at its recurring weekly campaigns, signature campaigns such as Avurudu Waasi campaign, its 4th year anniversary sale titled 10.10, the Alibaba Group anniversary sale titled 11.11, which is the world’s biggest sale in November and its Grand Christmas Sale titled 12.12. These sales can offer discounts of up to 80%, with Mastercard cardholders being offered further discounts.

The second stage will see the issuance of co-branded cards which will earn shoppers several exciting benefits such as year-round discounts on Daraz, rewards points, exclusive flagship device unveiling and free shipping. Furthermore, Mastercard will utilize its full suite of digital enablement tools to provide the foundation for a frictionless customer experience while shopping online, thus eliminating the frustration of managing card information and reducing shopping cart abandonment. This partnership truly brings together two global technology giants Mastercard and Daraz and is expected to lead to an unparalleled shopping experience for online buyers.

“We are very pleased to have found a likeminded partner in Daraz and I strongly believe forming strategic partnerships such as this will go a long way in not only offering cardholders greater value when transacting online but also help drive the adoption of digital payments,” said Rajesh Mani, Country Manager, Sri Lanka & Maldives, Mastercard. “The Central Bank of Sri Lanka has developed a comprehensive roadmap on how it aims to make the country a ‘less-cash’ society and I firmly believe the private sector has a pivotal role to play in driving customer awareness and understanding, on how to transact online safely and responsibly.”

Speaking on the partnership Rakhil Fernando, Managing Director, Daraz Sri Lanka stated, “As the leading e-commerce platform in Sri Lanka we have a responsibility to ensure that this market sees consistent growth through the on-boarding of new customers so this partnership with Mastercard comes at a most opportune moment. We encourage Mastercard cardholders to avail themselves of this exclusive offer which will offer them the greatest possible discounts from our portfolio of over 2 million products.”

With this partnership, a previously untapped segment of debit cardholders will have an opportunity to avail themselves of exclusive benefits, while new and exciting FinTech products are also expected to be launched.

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About Daraz

Launched in 2012, Daraz is South Asia’s premier online shopping marketplace with an active presence in Pakistan, Bangladesh, Sri Lanka, Myanmar, and Nepal. Supported by a wide range of tailored marketing, data, and service solutions, Daraz has 30,000 sellers, 500 brands and serves 5 million customers across the region. Daraz Sri Lanka has more than 2.5 million products to offer, growing at a very fast pace. Daraz offer a diverse assortment in categories ranging from consumer electronics to household goods, beauty, fashion, sports equipment, and groceries. Daraz is focused on providing an excellent customer experience, ease-of-purchase, comprehensive customer care and a hassle-free shopping and returns experience. Daraz was acquired by the Alibaba Group in May 2018.

About Mastercard (NYSE:MA)

Mastercard is a global technology company in the payments industry. Our mission is to connect and power an inclusive, digital economy that benefits everyone, everywhere by making transactions safe, simple, smart and accessible. Using secure data and networks, partnerships and passion, our innovations and solutions help individuals, financial institutions, governments and businesses realize their greatest potential. Our decency quotient, or DQ, drives our culture and everything we do inside and outside of our company. With connections across more than 210 countries and territories, we are building a sustainable world that unlocks priceless possibilities for all. www.mastercard.com.

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