Lazada Group, a Singapore-based online shopping and selling platform, and Mastercard have entered into a five year partnership to develop Southeast Asia’s e-commerce ecosystem.

The companies will jointly develop marketing and education campaigns to increase consumer confidence. They will also develop new reward schemes to incentivise the use of digital payments. Lazada will be able to create new promotions by leveraging Mastercard’s regional and global sponsorship platforms.

Furthermore, Mastercard noted that its data-driven insights will club offline and online behaviours thereby helping Lazada to understand how to drive greater e-commerce growth.

As per the agreement, Lazada will serve as the anchor merchant for new Mastercard solutions in selected markets.

Lazada Group chief marketing officer Mary Zhou said: “As we continue to nurture the growth of brands and sellers online, we want to enable them to also future-proof their businesses in the face of an evolving landscape and ultimately help them become more globally competitive. This partnership allows merchants to leverage Mastercard’s data and insights to better reach out to and engage with their consumers.”

Mastercard executive vice president for Digital & Emerging Partnerships and New Payment Flows Rama Sridhar said: “Our partnership with Lazada builds open marketplaces and advances digital democratization, bringing more to buyers and sellers in the region.

“It underscores how imaginative product proposition, advanced analytics and a deep understanding of consumer passion points can converge to deliver game-changing impact across Southeast Asia’s digital economy.”