SOUTH KOREA. Lotte Duty Free has teamed up with KakaoBank and Jeju Air on a 26-week instalment savings programme for the travel retailer’s customers.
The new financial product, released in collaboration with the leading travel retailer, allows instalment savings account holders to enjoy exclusive rewards and benefits at Lotte Duty Free stores on completion of the 26 weeks.
The South Korean mobile-only bank started the 26-week savings trend – which has become popular among the younger generation – in 2018. The savings plan allows customers to register for an instalment savings account to help them achieve different goals such as travel.
Lotte Duty Free will reward those who complete the 26-week savings challenge with US$50 to use at its online stores. Successful customers who subscribe to the instalment savings programme will also receive KRW15,000 (US$11) in LDF Pay, which can be used in Lotte Duty Free’s physical stores.
In addition, customers who have completed the programme will qualify for a lucky draw for a chance to win a one-way Jeju Air domestic flight ticket.
The subscription period for the 26-week savings programme with Jeju Air and Lotte Duty Free starts today and runs until 3 November. Only one account per person can be entered.
Similar to previous 26-week instalment savings programmes from KakaoBank, customers can choose between five minimum deposits – KRW1,000 (US$0.73), KRW2,000 (US$1.50), KRW3,000 (US$2.20), KRW5,000 (US$3.60) and KRW10,000 (US$7.30) – as their initial weekly payment. The amount automatically increases by the initial value every week for 26 weeks.
Those who successfully complete their deposits for 26 consecutive weeks will earn an annual interest rate of 7.0% (before tax).
Detailed information about the event can be found on the Lotte Internet Duty Free Shop website and Kakao Bank mobile app.
Lotte Duty Free Head of Marketing Division Noh Jae-seung said: “This savings product is the first collaboration travel savings plan launched by the three companies, allowing you to save while receiving various benefits.
“We will continue to provide useful benefits to customers through various marketing activities unique to Lotte Duty Free.”
In other news, Lotte Duty Free’s seasonal marketing campaign is still ongoing. The promotional offers include LDF Pay rewards, which can be used like cash (depending on the purchase amount) at all Lotte Duty Free stores until 31 October.
Customers who make a combined online and offline purchase of US$250 or more at Lotte Duty Free shops until 10 October will receive lucky draw coupons for a chance to win a tour package for two to Guam. The package includes round-trip airfare and accommodation.
In addition, the retailer is hosting an exhibition showcasing products from across different categories. Customers can also enjoy up to -50% discounts on products from 11 premium beauty brands. ✈
