16 December 2020, Singapore – RHB Bank received the award for Best Credit Card Product in Malaysia at The Asian Banker’s Malaysia Awards 2020.
RHB Bank introduced a dynamic CVV code to prevent fraud
RHB Bank launched its Rewards Motion Code™ credit card that has a unique card verification value (CVV) code to counter problems such as increasing cases of payment losses due to fraud in Malaysia of which 92% were credit card-related.
RHB Rewards Motion Code™ credit card uses a digital version of CVV2 code that changes every four hours. This helped combat unauthorised online transactions and information theft, unlike the conventional credit cards that only use a CVV system with a static three digit value.
The product is intended to strengthen the overall payment ecosystem and drive online transactions
The bank developed the card without requiring a change in the user’s habit. The bank also drove awareness and usage of the product by strategically partnering with e-commerce platforms such as Lazada and Shopee to reach out to users for online purchases.
The card made a 20% contribution to rewards card portfolio within five months of its launch
Five months after the RHB Rewards Motion Code™ credit card was rolled-out, it contributed 20% to the cards growth in the bank’s Rewards Card family. The bank also saw a 15% increase in online spending. It achieved a 39% growth in new card acquisition in the first quarter of 2020 compared to the fourth quarter of 2019.
About The Asian Banker
The Asian Banker is the region’s most authoritative provider of strategic business intelligence to the financial services community. The Singapore-based company has offices in Singapore, Malaysia, Manila, Hong Kong, Beijing, and Dubai, as well as representatives in London, New York, and San Francisco. It has a business model that revolves around three core business lines: publications, research services and forums. The company’s website is www.theasianbanker.com
You may visit the Excellence in Retail Financial Services page at http://awards.asianbankerforums.com/retailfinancial/
For further information, you may get in touch with:
Mr. Mobasher Zein Kazmi
Head of Research
Tel: (+61) 452 514 145