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IKEA, the Swedish home furnishings major, has joined hands with the Citibank India and Mastercard to launch ‘IKEA Family Credit Card by Citi’ seeking to make acquisition of home furnishings more affordable for its diverse customers.
This card provides instant in-store card bookings, direct payments via Bharat QR, accelerated reward points and attractive EMIs. Furthermore, the card will also offer reward points on all purchases with instant reward redemption at IKEA.
The IKEA Family Credit Card by Citi will be 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 that accepts credit cards.
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Affordable EMI
Together with Citi, IKEA will offer an affordable EMI option for the customers that extends from 03 to 48 months, allowing even more flexibility.
Kavitha Rao, Country Commercial Manager at IKEA India, said, “We are excited to launch the IKEA Family Credit Card by Citi; it is an important step for us to make home furnishing more affordable for our customers in India. It brings us closer to our vision of creating a better everyday life for the many people through our well designed, functional, and affordable home furnishing products.”
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IKEA India footprint
IKEA started its retail operations in India in August 2018 with its first store in Hyderabad.
In 2019 it started its online services in Mumbai, Hyderabad, and Pune. Over the next few years, the company wants to reach 100 million customers through the omnichannel route, which will be a combination of online and offline stores, comprising multiple store formats.
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Co-branded cards
Porush Singh, Division President, South Asia, Mastercard said, “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. 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,” said Anand Chandrasekhar, Head of Global Subsidiaries Group in India, Citi.
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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