New World Development and Visa Enable Instant Loyalty Rewards Experience for K Dollar Program
03/18/2024
K Dollar Program uses Visa loyalty technology to bring seamless loyalty experience to its growing member base
New World Development Company Limited (“NWD”; Hong Kong stock code: 0017) and Visa (NYSE: V) have enabled an instant loyalty rewards experience for the K Dollar Program. This is a first for retail properties of its kind in Hong Kong. With the enhanced K Dollar Program, customers spending with Visa will no longer be required to queue up at the concierge, upload receipts, or scan the QR codes on their receipts to receive their loyalty rewards.
In this collaboration, Visa’s loyalty solution, Visa Offers Platform (VOP), enables a seamless digital loyalty rewards experience for close to one million K Dollar members who spend with Visa. Aimed at deepening customer engagement and stimulating local spend, this collaboration marks another key milestone and is a reinforcement of the multi-year strategic partnership between NWD and Visa.
By linking their Visa card with the K11 HK app, customers can automatically earn and burn K Dollar when they spend at over 1,000 participating K Dollar outlets in Hong Kong, including K11 MUSEA, K11 Art Mall, and the soon-to-open, first one-stop “retailtainment” and tourism landmark in Hong Kong, 11 SKIES. Customers can also enjoy the brand new digital loyalty experience beyond the NWD group at a wider range of K Dollar merchants, including Kee Wah Bakery, CATALO, Wai Yuen Tong, Choi Fung Hong, Lung Fung Group, etc.
A special Visa promotion will run until 31 March 2024. Customers who link their Visa cards to their K Dollar account via the K11 HK app are entitled to earn 20 K Dollars upon their first purchase of HKD 50 or above.1
Richard Cheung, Senior Director - Commercial, New Word Development Company Limited, said, “NWD has been committed to collaborating with different corporates, leveraging each other's strengths to enhance the customer experience. In recent years, K Dollar Program has also been expanding, partnering with merchants beyond the group's properties. This collaboration between NWD and Visa introduces an innovative consumer solution, providing customers with a seamless payment and point earning experience which offers mutual benefits to Visa and NWD.”
Visa’s Consumer Payment Attitudes Study 4.02 shows that about 60% of Hong Kong customers are eager to maximise their loyalty rewards. Loyalty programs from shopping centres and department stores score the lowest in terms of satisfaction, in comparison to other categories such as e-commerce memberships, card payment brands and hotel groups. Most customers feel that an easy and straightforward redemption process is the key reason for satisfaction.
Paulina Leong, General Manager of Visa Hong Kong & Macau, said, “Visa is committed to making customer experience seamless for local and international visitors. Our long-standing partnership with NWD has delivered the instant loyalty rewards experience for K Dollar Program members by leveraging Visa’s innovative loyalty solution. With this new level of convenience in rewards accumulation and distribution, NWD is able to extend K Dollar’s benefits to a broader audience and seamlessly integrate more merchants into the expanding ecosystem.”
Announced last June, NWD and Visa collaborated in a multi-year strategic partnership to enhance local and international customer experiences and spend in the Greater Bay Area (GBA) by advancing the adoption of digital payments and loyalty solutions. As the preferred payments partner, Visa will continue to partner with NWD to introduce curated customer experiences and offers and seamless digital payment interactions, with the launch of the new digitalised K Dollar Visa rewards journey as the latest milestone.
Richard Cheung, Senior Director - Commercial, New Word Development (Left) and Paulina Leong, General Manager of Hong Kong and Macau, Visa (Right), announce the launch of instant loyalty rewards experience for K Dollar Program. This is a first for retail properties of its kind in Hong Kong.
K Dollar Program uses Visa loyalty technology to connect to a broader audience and integrate more merchants into the expanding ecosystem.
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1 Offer is only applicable to the first-time eligible transaction at a K Dollar participating merchant using a Visa card linked to the K11 HK App. General terms and conditions apply. Please visit the K Dollar website https://hk.krewards.com for details.
2 Visa’s Consumer Payment Attitudes Study 4.0 polled 700 consumers in Hong Kong, 350 consumers in Macau, 1,000 consumers in Taiwan, and 2,000 consumers in Mainland China across the ages 18-55 years old, with a minimum of HKD 5,000, MOP 5,000, NTD 5,000 and CNY 5,000 monthly household income per month. Online interviews and face-to-face interviews were conducted during the period of September – October 2022.
About New World Development
Founded in 1970, New World Development Company Limited (“The Group”, Hong Kong stock code: 0017) was publicly listed in Hong Kong in 1972 and is a constituent stock of the Hong Kong Hang Seng Index. A premium brand infused with a unique personality best defined by The Artisanal Movement, New World Group’s core business areas include property development, property investment and other strategic operations in Greater China, especially the Greater Bay Area, with a total asset value of approximately HK$470.2 billion as at 31 December 2023. The Group has an effective interest of approximately 75% in New World Department Store China Limited (Hong Kong stock code: 0825) and wholly owns New World China Land Limited.
About K Dollar
K Dollar is a loyalty reward program launched jointly by New World Development, Chow Tai Fook and K11 in March 2022. The programme’s objective is to provide members with the most convenient, user-friendly and rewarding experience while creating an innovative marketing platform for merchants, and driving sales growth through big data analysis. Registered members can earn and spend K Dollar, as well as benefit from the latest promotional offers when making purchase at over 10,000 designated eligible participating merchants in Hong Kong and the Mainland. K Dollar covers a wide range of categories spanning wellness, retail, hotels, catering, insurance, and more, both within and outside the New World Group to cater to the consumers’ daily needs and lifestyles across various fields.
About Visa
Visa (NYSE: V) is a world leader in digital payments, facilitating transactions between consumers, merchants, financial institutions and government entities across more than 200 countries and territories. Our mission is to connect the world through the most innovative, convenient, reliable and secure payments network, enabling individuals, businesses and economies to thrive. We believe that economies that include everyone everywhere, uplift everyone everywhere and see access as foundational to the future of money movement. Learn more at Visa.com.